Financial Times , 1982, UK, English

V ' v/

The

multinational
bank for
international
finance

g^ u R Souv6rain100 tel:660 49 00

- "7G Brussels'. tlx 23846

FINANCIAL T

PUBLISHED IN LONDON AND FRANKFURT

No. 28,880

***30p

Monday September 20 1982

■ CONTTWaiTAL SELLING PRICES: AUSTRIA Seh. 15: B&G1UM Fr 35; DBUMARK Kr 6-50; FRANCE Fr5.C0; GEHW1ANY DM2.00; ITALY L 1,100: NETHERLANDS FI 2JS' t NORWAY XrS.OQ; • PORTUGAL- E»C W; SWUM. PtaSS: ^SWfflBI KrtLOQ: SWn2SHANPFr &9r' : ****-** ^ ■-

mmi

Losii

plan

jobs

BUSINESS

Midland
warns on
company
debt

• MAJOR COMPANIES may
be overwhelmed by debt unless
the Government provides loan
guarantees, said the Midland

The Greater London Council is
to set up machinery for moni-
toring and enforcing equal
emplcymetit opportunities
among its 10, 000-plus suppliers. Bank^Back Page
The ruling Labour group’s
plan is thought to be the first • D-MARK returned to the bot-
aitempt by a major UK l° m o£ the European Monetary
authority to use the economic System on Friday, replacing the

leverage it has in granting con-
tracts to push through racial
and se.vual equality in its
suppliers* workforces. Back
Page

WoJves hilSed

Police find farmers shot dead
seven wolves un the run from
Cardigan v.-ilrilif*? park in West
Wales. Th*; hunt ctmiinued far
another five.

Two c^sGcSren die

Two str»ill children were found
dead m the bedroom of their
Stafford home. Police were
wailing by the hospital bedside
of their father, found with cut
wrists :n the bathroom.

Caribbean battle

Honduras said one of Its sailors
was kdted in a patrol hoat
battle in the Caribbean after a
Nicaraguan craft entered its
waters and opened fire.

Sifio-So r j;et ■Shaw

In a further indication of a
?ii gilt thaw :n R: no-Soviet rela-
tions. a senior Russian foreign
ministry ofneia' is e::pcri?d to
visit court erparis in Peking

nest raonin. Page 2

SVS&sgss?3 pfea

Zimhabtv-j Premier Robert
7J;:gjbe the southern

province of M air. homeland to
assure while fa rate is that his
government wants them in stay.

ABSs?.:ice saaps

A Mori opinion noi; published
today shnv; .inp-.-rt for the
Liber? l/SD? 'Jt-'ame has slip-
ped to an all-time low of 14 per

i at

Danish krone, more through the
krone recovering rather than the
D-mark weakening on the news
of the collapse of West Ger-
many’s coalition Government.
Pressures seem to have sub-
sided in the system, helped by
the announcement on Wednes-
day that France had arranged
a S4bn loan as a standby to
defend the franc. This has been
enough to deter continued
speculation against the franc
and generally created a more
stable atmosphere in the EMS.

EMS SEE 17,1982

3%-

254 —

IX-

5%~

:ECU DIVERGENCE- PI

- - -i E

":.Hi

1-

o

force res

peace-
to Beirut

BY PATRICK COCK BURN IN BEIRUT. DAVID LENNON IN TEL AY IY AND ANATOLE KALETSKY IN WASHINGTON

Saturday once the Christian The Prime Minister said the resignation of the Prime'
milsiainen departed. Relief gunmen were pert of Major Minister and Gen Sharon. '•

said the militiamen Sa'ad Haddad’s militias, which, Italy and France have hath

THE LEBANESE Government
called yesterday for the

immediate return of inter- worker?

national peace-keeping forces to killed hundreds of Palestinians with Israeli backing, have con- indicated their wffiingess to.
West Beirut to protect
Palestinian Chilians against
the possibility of further
massacres.

Mr Shafiq al-Wazzan.

and i he final figure could be trolled a swathe of territory in send troops back into ' West

between 300 and 1.000. southern Lebanon since 1978. Beirut and stressed the urgency

Mr Yessir Arafat, ihe Pales- Israel, however, which has of the situation. Sig Emilio

liman leader, vowed yesterday denied any responsibility for the Colombo, the Italian Foreign

to avenge the massacre and killings, said it was Christian Minister,, said he had .replied,

Prime Minister, urged the VS. called for an urgent debate at Phalangists who entered the immediately to a message from

to send back the LSQO-slrons the United Nations, according camps. 3Ir George Shidte, theVJS. Seere-

Both Major Haddad's forces tary of State, seeking -Italian!
and the Phalangists are sup- co-operation in dealing with the

the

force or U.S.. French and
Italian troops which had over-
seen the withdrawal of *he
Palestine Liberation Organisa-
tion this month.

to Wafa, the Palestinian news
agency.

*• Our people and nation will
primers ail those who partici-
:r. shedding Palestinian

ported militarily and politically Lebanon crisis..

by Israel.

The Israeli pabinet was called

His call came amid a storm of and Lebanese blood, he said inltJ emergency session last
international protest and con- ;r. Damascus. night to debate the massacre

demnation over the mass killing The Lebanese Prime Minister wit j, ministers expected to

demnation over the mass killing
on Friday of Palestinian men.
women and children in wo
refugee camps in South Beiru*-

Lebanese Army elements
started to take up positions
yesterday in the ruins of the
refugee camps but there was
little sign of Israeli troops mov-
ing back from their positions on
the edge of the shanty town?.
On Friday the Israeli Army said
Israeli troops had surrounded
the camps.

The extent of the massacre
at Chatila camp, already severely
damaged by earlier Israeli bom-
bardments. became clear on

The Lebanese Prime Minister W |’,j, ministers expected „
yes", ere ay laid ihe blame for the demand an explanation of how
tragedy at the door of the White t ho Christian forces were able
House. “I hold the Americans
responsible because they gave

written assurances that the
liraeli? would not come into
Wet: Beirut. If the Israelis had
rot invaded West Beirut the
sna-sacr** would not have
happened.”

Mr oi-Wazzan said the gun-
sn?n who" 'carried out the
r* -.rccities were allied to the
Israelis and had been allowed
to pass through, military check-
points in Israeli-occupied
territory.

the Christian forces were able
to bypass Israeli troops around
the refugee camps.

The Cabinet was scheduled to
hear a report from Gen Ariel
Sharon, the Defence Minister
and Gen Rafael Elms, the Chief
of Staff.

Earlier. Israeli police fired
teargas to break up demon-
strators outside the home of Mr
Men ahem Begin, the Prime
Minister. The demonstrators
shouted “ Begin murderer ” and
carried banners calling for the

In Washington' President j
Reagan, Mr Shultz. Mr Caspar
Weinberger, the Defence -Secre-
tary, and Mr William Clarke,
the National Security adviser,
held an emergency 'meeting at
the White House. ■

The President refused to
make any comment after the
meeting but it is believed the
Lebanese Government's, call: for
U.S. troops was on the agenda.

Earlier Mr Shultz went to the
home of Mr Howard. Baker, the
Senate majority leader, to' brief
him on- .the Middle. 1 East
situation. ’ ' " v ' '*

Mr Baker has in the past ez-
Continued on Back-Page
Savage blow to hopes Tor -peace,
Page3

Editorial Comment, Page IS

Government plans added
curbs on state enterprises

BY PETER RIDDELL, POLITICAL. EDITOR

A REDUCTION in tbe power of
Stale monopolies will be the
main theme of the legisfame
proposals for The last full par-
liamentary session before ihe
next General Election. The

The chan shams the two constraints
c: i European Monetary System exchang
rates. The upper grid based on the
weakest wrroncy m ihe system define
the cross rates Irom which no currency
(eecopt the lira) may move more than
2L per cent. The lower chan gives
each currency's divergence Irom the
" central rale " against the European
Currency Unit (ECU) itself a basket
at European currencies.

• GATT {General Agreement
on Tariffs and Trade) con

cor.:, i-c’-.n.-rcd with 47 for ference in November may call

Const r'c and "7 for Labour.
AIKanca seals deal near. Back
Page

Tory s^Seclsd

Rocer Giie. who works for
Thames TV. wiil be Tory. candi-
date for Norlhfieid. '.he Birming-
ham seat vacant :-'rve Jocelyn
Cadbury's deo’n .-oven weeks
ago.

Labour chance

labour Prriy right wingers will
have a chanc** io alter the
composition oi the electoral
callene. v.-hi'.h voles on the
leader and do only louder, at the
Parry Cur ft re. rer:l week.
Page 7

Naples mystery

The blood if San Gennaro
liquefied in i' r * glass pbjal in
Naples Calh.-tirai. auguring a
good jusr for 'he city while
continuing to baffle scientists.

■Spoke to dead 9

Former Bishop nf Southwark
ller.-yn Stock-* ood claims in his
autobiography to have spoken
to the dead.

Ill wind

The Nosey Ferrets racing team
in their cyul.r.g machine Blue-
bell were bluv.-g off the trick at
Greenham Comma!:. Berkshire,
just as they reached 3*> nph.
Tbe British record ls 43.70 mpb.

for a "ceasefire" on protec-
tionist measures. Page 4

• UK ECONOMY is poised to
resume last autumn's recovery-
said slockfarokprs Green well.
Page 5

• EURODOLLAR bond market
managers expect dollar interest
rates to fall again. Page 25:
New York Bond market, Page
26

f LAZARD Brothers of London
has arranged loans totalling
£125m for four development
projects in Nigeria. Page 7

• WEST GERMANY’S major
companies are unlikely to see

recovery this year. said
Deutsche Bank’s investment
advisory subsidiary. Page 2

9 GEC-HARCONI has reached
agreement in principle to make
and sell under licence Nippon
Electric cellular radiotelephone
equipment. Page 5

• GOVERNMENT is expected
to invite bids for the eighth
round of offshore oil and gas
exploration licences this week.
Page 6

• COAL BOARD and miners
seem set for a dispute over a
proposal to close Kinneil
Colliery at Bo’ ness in central
Scotland. Page 7

• TRAIN DRIVERS* strike
halted most freight services in
the U.S. Page 2

• RATES exemption for agri
cultural land and buildings
should end, said the Association
of British Chambers of Com-
merce. Page5

• LA CENTRA LE. holding
company for the Italian
interests of Banco Ambrosiano,
reported a loss of L25.Sbn
f£lU.72m) for the year to end
Juno. Page 26

Briefly —

Romania will not take part in
Warsaw Pact manoeuvres which
begin, next Saturday.

9.000 Pales were fined for black
market offences in a police cam-
paign last mocih.

Labour MP Tom Toraoy called
for a ban on umbrellas with
pointed tips.

— ‘ ■ CONTENTS

West Germany: A new union power 19

political era opens IS Justinian: Copy rig ht and

Europe ' and the U-S.: The power over pirates ... 8
Ten in a leaky bathtub 19 Management: Has Spilier
Editorial comment: tried to fend off Dalgety? 9

Lebanon; Unhealthy dis- Technology: Computerising

pute; Separation in Bonn 18 the DHSS io

Lombard: The issue of Survey: Luxembourg 11-16

10
8
5.8
B. 29
32
4
27
4

— 21

Art *

17

Inti. Co. News ...

25,28

Shat* Information

Appo^nUnonti

24

Le*

32

Technology

Bn* R«W ■ -

24

Labour

7

"TV and ftedto

Botf*HnO«a«

22

Labour

7

UK Nows

BiB'pun'i Way—

7

Leaders

18

Unit Trusts

Company K«ws —

20

Letters

18

Weather

i

CrOMWBrO -

17

Lombard

19

Entertain. GUtd*

17

Management

9

World Stock Mkt*.

EunMuriiols

as

Men A Matters ...

18

World Trade

Financial Diary ...

24

Money & E*ebog».

28

insurance

H

Overseas Nn» ...

2,3

ANNUAL STATEN

inti. Cap. Markets ZS. 25

Racing

8

B.E.T.

For laics: Share Index phone 01-246 6025

deri-ion? mi the 19S2-83 pro- a ad of the private sector in Teta-
cramm? •.rill not be taken until tion to the public sector is likely
next month. to be a main plank in the next

The Go. eminent is determined Tory election manifesto,
ro show that, after three years The main proposals for the
in ofiresr. it is still full of ideas 1982-83 session are likely to be:
proposals will be set out in the ar.d v>our. while, at the same * a Telecommunications Bill
Queen’s Speech early in time, not overfeeding the parlia- enabling the safe or up t» 51
November. mcr.-.ir- timetable just before rent of British Telecom to

Action will be proposed jo ancle' 1 'tion.. private investors, with osso-

permit the sale oF shares m There i.-= still a lively detale dated changes in regulations on
British Telecom, to allow private v.i,- v-nctner io have a further competition and nrices.
generation of electricity, -o yr.^pjinyai Bill, requiring the m if ^ nn , n
abolish the National Water c’arrie:: of 'sry iraac- unioni •

Council and to regulate public omen is by wcral postaf..ballet.f^.‘JJL°J

transport subsidies. While Mr* Thatcher favours priVat ®

The main outlines arc nnw c.-r ; - .Hiion. other ministers- Sf^Stion Sf tS National
clear following discussions dur- sncltriia; ?ome of ner close sup-
ing the summer by the Cabinet par-’-r *— htc more reluctant, ^-n

committee concerned with ’he lar-ely be-. raw they feel this m

legislation. It has whittled down pror.e-Jl woaW be heller as part ^ ^

the number of proposed Bills of prelection manifesto pro- K^and and waies.

from over 80 to about 30— gramme. J.kLSL 1 *5E5£i

fewer than in recent parlia- T;:c fieme of strengthening subsidies, pnmarilj affecting
mentary sessions, although final the ihe consumer Continued on Back Page

BT ‘holding back new services’

BY jASON CRISP

BRITISH TELECOM (BT) aud delsj-^d la give itself more time Another is that by which’ in-
the Department of Industry face to beat *i:e. competition. formation is stored, and either

growing criticism front private Or.? cf tiie main reasons for retrieved or forwarded such
Industry for delaying plans to a licence -s to prevent the as by an electronic mail box.
liberalise the UK telecom- straight resale by private com* . Another fundamental differ-
muni cations market. panics ?f capacity on BTs net- cnee is over Packet-Switching

There is increasing discontent work, which would cream off Services tPSS), a technique for

money from its more profitable transmission large volumes of
rcu-es. data over a complex network.

Tr? nrv?*e sector wants a Data is split into small electro*
Hhrral. •-•. riv-ranmng licence to nically-ad dressed packets, which
al , -*v- : service to be offered, are s^nt through the netwrork.
provided is not merely re-
so.’i — tkri :r. nn value is added.

3: -.vzn:« limited licence to
spetify v.In : . would be allowed.

Ti-.r representatives of the pri-
\ l:? *:::o 7 say the more limited
approach would restrict a new.

ramdly-growina range of ser- , . .

vie?* w.v.rh technology is also Prowmg pressure, particnlariy

c:-.ar,a:nr rapidly. They point from Mme of ^ t co ^
vices, electronic mail boxes, the out that would be impcsable
storage and forwarding of telex to w*fv services which have

and other messages, linkage of ae»‘ wyr. invented. pS i?fddSs^Se to the bSc

incompatible computers C or.pX?T nurcaux are also P55 tsaadtn,, value to the aasic

The licence has not been concerned that services they neiaonc. _ __

issued because of disagreement already offer might be outside The Industry Department
over its scope between BT and the *crrr.- of the licence and caught between two opposed,
representatives of industry — thus Illegal. complex technical arguments—

mainly computer and telecom- BT has accepted, however, is thought to want to issue a
munications companies. two bre.ri categories of VAN*, licence for what has been

There is a suspicion in some One :? 'hat 'n which informs- agreed to date, leaving the. rest
companies that BT Enterprises ttoa ^ -:gniScant!y altered by to he sorted out later. The pri-

the competitive division of BT tbe VAN operator, such as by vatc sector is thought to be

is anxio us that the licence be some :*?rm of data-processin?. resisting this.

over tbe postponement of the
issue of a Government licence
for the so-called Value Added
Network Service? iVAXS). I’,
has been the Industry Depa-t-
raent's responsibility since April
to produce the licence.

The delay is thought to be
holding hack considerable
investment in new services. The
licence would enable companies
to offer a range of special ser-
vices on the telephone network.
Examples include persona:
answering and message ser-

possibly by different routes, and
reassembled at the destination.

BT has belatedly introduced a
public PSS. which is also con-
nected internationally. It argues
that this is a basic telecommuni-
cations service. But, there is

Arco signs China oil search deal

BY TONY WALXER IN PEKING

THE ATLANTIC Richfield 0:1 Eaves:??, president of Arco contract is also undertstood to
Company (Arco) stole a march International Oil and Gas Com- involve transfers of technology
on its competitors when ■* pen:*" srid it the weekend that to the Chinese and training of
signed an agreement here at the the company would “take the personneL
weekend to begin exploration exploration risk." If oil were Arco executives will not say
and development in the South faur.a*. Arco and the Chinese how much they expect the-
^wiirm sea. would !>hare output and the costs exploration to cost. It is certain

Most of the other oil majors of development. to be more than the 520m spent

are still involved in lengthy The Arco agreement, which so far.

bids for rights to take pare took months to negotiate, gives . More than 30 international oil

March 1979 an agreement, which are: covered by Arco in its are expected to take three to
gave it the right to hid exciu- S29n (211.7m) surveys off font months to be processed by
sively far exploration blocks ia Kainia, the state entity, then negotia-

an area where it had conducted ?*Ir Br.vesies said oil produo tions wil follow before contracts
seismic surveys, off Hainan tion could not begin before five are awarded. ** Other oil corn-
island, China’s southernmost years hence. Arco expects to panies are at least a year away
region. - mar* full-scale expjoration In from beginning . exploration,’’

It has therefore avoided in- the first quarter of next year, said one Arco executive. ,
volvement in the current auction Ssn'a Fe Minerals has a 20 Qil companies are faring an
by-the China National Off-shore per r?ni sharp in developing effective 70 per cent marginal
Oil Corporation for exploration the South China Sea block. tax me. if they discover oil In
blocks in the Yellow and Smith Under the terms of the con- marketable ’quantities ■
China Seas- tract, which is believed to run Sine-Soviet talks. Page ii U5.

Arco executives are describing for 2->35 years. China will take urge d to relent -on.

tiie agreement as a “ production- over management of the enter- Page s; North V So Beence*,

sharing contract." Mr Paul pri^e ai a certain point. The Page ®

Bid to end
wrangle on
EEC budget

By John Wjrles in Brussels

EUROPEAN COMMUNITY
foreign ministers will today try
to end a protracted wrangle
which has threatened to under-
mine an . agreement reducing
Britain’s payments to the EEC
budget this year.

Failure could sour negotia- !
tions due to -be completed by '
the end of November on the
UK’s budget payments in the
years ahead. •

Today's talks could test the
bid, launched last week by Hr
Francis Pym: the UK Foreign
Secretary’, to ' convince other
EEC countries that the . UK .is
genuinely “thinking European”
in its policies and is not solely
preoccupied by the cost of EEC
membership.

The preoccupation remains,
however. Mr Pym and ; his
officials have had to .beat off
an attempt by France and Italy
to renegotiate an agreement
reached in • May- .reducing.
Britain's transfers to Brussels
this year by 850m- European
Currency Units- f£476m).

Both countries apparently now
regret having agreed: to allow
West Germany to pay only half
of its normal contribution to
the British rebate: This lias

...’.!_BY JONATHAN SMRjjjN'lDNK - • •

WEST GERMANY hive a : ceUor. It urged -that a
new gorvernmeiu -pf - the centre- ; 5pecial c0ngress .be held quickly
Tight as early as Friday, through. , to corader -the party's course,
a. pari lamenfari' vote moqvlng . If ‘Herr’ Schmidt is to be
Chancellor ’. Srtmut ' Schmidt toppled 'thrir Dr Kohl needs not
from power after :eigbt yeaas in' ordy the 226 Bnhdestag- votes
office, * . . ••• - . the CDU-CSU but also sup-

Hebiiot V Kohli the 23 ^

. Christian Democmt : (CDU)‘ . P^OsmeotariaBS. This

opposition leader. :would became . ^uld glve^lm the necessary
Chancellor,., supported, by : his majonjr From a total of
own parliamemmy foreS and I 496 Bundestag members,
the liberal FreeDemocratParty" ' On, the face of. it Dr Kohl
(EDP). . . • .ri^ioald gain the. necessary: sup-

This seemed -tW 'mofit kkeiy ***£'

outcome followiag tbe cpflapse . 33 ^ pariJament^ians ex-
la Friday of Herr Schiftidt*s , .pressedjupport ior tiie. plm of
coalition between his. -Social ^ J?" 1 * ,eade J’ Herr Hans ‘
Democrat Party (SDP) abd the Dietrich Uenscher . to open
FDP.- Herr;Schmidt CMM tiWt talks, with the CDU-

for the moment as head of a ' . -. ■

minority SPD govermneat. . . .• later vote by tho'FDPs

•c* t national executive committee.

Formal t^Oks start terfay ■ however, : the vote was only 18
henveen Qie^CDtJ.lls^Kmiui and IS against, showing
sister Party the Chnstian-Soraal . te g ders virtually split

Umon (CStT) and the • FDP JgJh • noddle on the issue,
about a jomt alhance to unseat _

Herr Sctanidt and form a. new -This can hardly encourage Dr
coalition ' - -KirfiL Only once before, in 1972.

If. the talks tin-' into .seriotis

obstacles then the plan to hold v0te ri no confidence been used,

a so-cilled .omiBtimctive vote of S
no confidence against Herr not . obtained. ■

Schmidt on Friday may have to. . A furfecr compl icati on Is that
be demyed- - .-wM&'BlL parties agree that new

According to the constitution generM -elections should be held
a formal proposal to hold snch bef ore 1984, when they are form-
“a vote must precede- the vote 1 AitST ‘.there is no full accord
itseif by 48 hdurs^ The CDtJ- on.'hbW qiricWy they should go
CSU and the FDP must there* ahead.- . . -

fore . agree on ibeir. strategy by ■■-ihOut's^nai.' Josef Strauss’s
Wednesday.at.the latest -’ ■ rGSU^ is keen -on seeing them
This will hot be easy. T£^ held quickly, at least partly be-
negotiations. are Jbding - held cause tbs could mean the FDP
against a background of- fierce* may. -lose -voter support for
dissension; In . the , FDP. and .switdang partners and fail to
only partly-concealed differences be. returned to parliament- This
in the Union parties themselves, would-.: give - the CStJ more
A strong minority of the cabinet posts if the CDU-CSU.-
FDP ‘fiercely opposes partiripa- were returned with an absoluU?-
tion ia a vole against the Gh*m- majority of ; the national role.

Social Democrats head
for victory m Sweden

" butiFORCElN SpSoSXBm'- J; ' '

U ((.

■ .«■ ••
■

EARLY reports from. . voting : Communists would feil to obtain
centres suggested that the the 4.per cent of the votes they
Swedish general election had needed to keep- their xepresenta-
(. resulted in., -the anticipated shift tion in th.RiJ^dag lParll ament),
to thcLeft. :■ ■ . Some Social Democrat - sup-

, Social Dgtoq crab- supporters porters, . however, said they
turned ontyfp strengtlf.-in an.' were , voting Communist to
effort- to return, their leader, -stave off' that eventuality.

Mr OIoT Palme, to the premier* - Mr Palme had apparently
ship he- lost sty years ago to succeeded in. disarming the
Mr jTbortuorn Fal lriin of the wideqiread opposition even
Centre Party. among his own members to his

- But the Soda! "Democrats party’s controversial proposal to
would n ot 7 Immediately take introduce “ wage-earner funds ”
their- victory fdr granted after to buy np dares in private
the ballbt closed at 8 pm. The enterprises,
last three Swedish elections The Social Democrats have
have . been close run. . promised to jmrsue- a mildJy res

The --only- obstacle-' to a Social .ia&anary policy- and restore
automatically Increased the , Democrat Government Appeared cuts in social benefits decided
Continued on Back Page ! to. be the possibility that the on by Mr FaUdin’s Government

i

3

v‘i

3

i; I".

i; i

C • L

f h

i '

: t • ;

i 'V-

Ask your FA1A Travel.
Agent for cfc£3i&. Or contact
SAAac25! Regent Street
London WIR 7AD:Tel: 01-734
9841. Oral Waterloo Street

Birmingham, 021-643 9605.
Peter Street Mancrtestec
061 -834 4436. Hope Street . .
Glasgow 041-221 293Z
•{SAAS Visit South Africa fere is
240 Rand-converted at the
exchange ratecurrentwhen
tfctetpurchasedl-

m

‘j-j u

SCXJ 1 H AFRICAN AIRWAYS

f ,*?yr

Financial Times Monday September 20 1982

OVERSEAS NEWS

W. German groups
unlikely to show

Talks fail to
end U.S.

nationwide

Negotiations in Peking next month raise hopes of new links, Tony Walker writes

Talks may bring further Sino-Soviet thaw

recovery this year ran strike

BY ’STEWART FLEMING IN FRANKFURT

the profitability of ihe
■ major quoted West Herman com-
•• panies is- unlikely to show any
-'recovery' this year after falling
more than one-fifth in 19S0 and
1981. This is the conclusion
r of- Deutsche Gesellschaft Fiir
Arriagenberatuag (DEilABj, an
-investment advisory subsidiary
of the Deutsche Bank,

" The analysis, baaed on a
sample of 140 quoted companies,
presents in some ways too
• optimistic a picture of the cor-
porate - ' sector’s profitability
because it is based on profit
figures which Include as earn-
ings pension reserves the ccm-
.. panies Jtnake (after deducting a
- notional lax charge), even
"though such reserves are not
strictly to be seen as distribut-
able- profit. •

-■The- group says the down-
*ward revision of economic
.growth forecasts for 1982 rules
:ouk any prospect of a recovery
of profitability in general. It
is -some comfort, however, that,
in spite . of this weakening,
the group suggests that the
slump in profits over the last
two years seems to have come to
a halt. Among the reasons it
cites for a halt to further
dtecHne are . the weakening of
cost. pressures — both from the
raw materials and wages side —
lower interest rates, and improv-
ing productivity.

The report coincides with
growing pessimism about the
immediate outlook for the West
' German economy. In recent ■
'Weeks, companies have increas-
ingly been resorting to short-
time 1 working 1 in an effort to
adjust - production levels .to
weaker demand. Last week, for
example, • Volkswagen, the
country’s biggest volume car-

maker, announced plans to
dose ail its domestic plants for
two weeks from the end of the
month. This will idle about
73,000 of its 119.000 workfurce.
Kurd Werke has said that ii too
is discussing short-time working
for its Cologne plant. Numerous
other smaller, in some cases
privately-owned companies,
have also in recent day* been
announcing plans for short-time
working.

Fissler, a meralworking com-
pany based in Idar-Oberstein.
has. announced that it has
agreed with its work council
that short-time working will
start at the beginning of next
month and continue to the end
of the year. The electrical
company EBM Elektrobaw Mul-
fingen. with 830 employees, is
planning six weeks short-time
working. It said that it had
been affected by the AEC-Tele-
t unken crisis and the weaken-
ing of export demand.

Machine tool manufacturer,
Heyligenstaedt of Giessen,
which has 1.400 workers, cited
slackening domestic demand,
increased competitive pressure
in foreign markets, and the
need to get control of capacity
utilisation problems as .reasons
for resorting to shorttime
working. *•

And in a move which pro-
voked Professor Reimut Jochi Ri-
sen, the North Rhine-Westphalia
Economics Minister, to warn
against “ panic-mongering * the
Duisburger KupferhQtte, a sub-
sidiary of the British Rio Tinto
Zinc group, issued redundancy
notices to all 1.600 of its
workers effective In March of
next year. The move was
described as a precaution
against the possibility of having
to cease production then.

WASHINGTON — Talks
between the railway Industry
and negotiators for the
engineers* union recessed yes-
terday with both sides far
apart In efforts to end a
nationwide rail strike.

IN A FURTHER tantalising p£”om of coniatts faciweer, the relation.*- until Moscow matches two countries remain " pretty Chinese foreign policy, whirti K
indication of thawing in Sino- two cousuaes over the j*a year deeds wirh words. Peking’s tnt raci-able.” as one diplomat put Making these days to M&r

•W'iet rcbtionir, a senior Russian or sa. While none of these main complaints against the *t. more neutral .course betwen

Foreign Ministry official ii contacts indicates thsz a drama- .Sorter t'mon arise out of list? In the just year, the Soviet tho super™**"- TWs

expected to visit Peking early *ic break-through os :n prospect, continuing presence of iroeps Union has been prcF&nj lor was noticeable In The tone o | j

;f\{} S

nexi month for talks with his they still represent sgmfiea&t :rt Afghanistan, Sonet backing

Q>ine.se counterparts.

East Europeans are saying

ci'caasi'ci.

Vietnam's occupation

“This union has remained
Intransigent throughout,”
declared Mr Charles Hopkins,
the railways* chief negotiator,
after emerging from more
tii an 20 hours of continuous
bargaining.

Mr John Sytsma, president
of the Brolberhood of Loco-
motive Engineers, said there
was “ very little progress ” in
the negotiations after pickets
were raised at railroads across
the country*.

quite definitely Out the Soviet ? 3 *1° wh *?„ V “ Hollar* gc

official will visit China in L Foret^x ot

October to hold preliminary Sovie. department, a

discussions on the resumption of 110

normalisation talks broken off . 2 P ?V S ’-

in 1980 after Moscow's move !? 5 L ° f 0 ™* officials in Pctern:. ca

The most recent took place Kampuchea and the continued but China has said

In the pasi year, tin* Soviet tho superpo»rew.- TWs tree! /\! £
l : mon has been prewn* lor u-us noticeable in the toj» „ U 1 »
a resumption nf border talks statements about foreign 1
which were hrokon off in lfl78r at the recent Communist Pan- 1

rs

S. deployment of large numbers M tidying the Soviet proposal.

still Con^revi by Hu Yaobao;

troops — said to be m«»rc than

European diplomats

General Secretary..

It us not known who wii! >*3,

million — on the Sino-Soviet claim there has been a per- the proposed Soviet delegatiM

with border.

rord- Western diplomats arc srcpii-
cnj. cal that much progress can he

i-eptible improvement in the to Peking, but « Is. ificarl}
Chinese altitude towards them likely to be * Vice Pettier
and that, in fact. China is s«*H- Minister. The Chinese *<].

into Afghanistan.

The visit to Peking by the

atmosphere surrounding made in the short term in dis- mu increase the range of however, is certain hoi m> hj c

Yu s Moscow visit was good. ™ cushions between Moscow and cuntavts with Eastern bloc to the itapreswou Thai iia
— , . -j _. . " ■ — about to make concessions t»

China, however, has said that Peking. They believe that many countries

Soviet official wiU continue the :i wsii sot consider normalising of the problems between the This .-.iralesy would accord the Russians.

Finland budgets for 21% growth

French external j Italy's foreign
deficit i trade continues

BY LANCE KEYWORTH IN HELSINKI

He said the strike has been
on since midnight on Satur-
day and there were no indica-
tions it would end.

Mr Sytsma said the
stombing blocks continued to
be an industry demand for a
no-strike clause in the con-
tract as well as pay Issues.

Mr Hopkins characterised
the negotiations as bleak and
said the railroads would resist
the unions* demands.

f THE 1983 BUDGET Bill pre-
j seated by Mr Ahti Pekkala, the
Finnish Minister of Finance, is
designed to reduce inflation,"
J slow the growth of unemploy-
ment and encourage unions to
moderate their demands for
nominal wage increases for the
period after next February,
when the current labour con-
tracts expire.

Pickets began to appear at
Eastern Railroads first. Then
the strike rolled across the
country as the engineers
walked off their jobs as (be
12.01 am strike deadline
came.

In addition to hairing
freight lines, the strike also
Interrupted Amtrak passenger
services In the South and
West. Amtrak spokesmen
said It halted some long
distance trains short of their
destination. Passengers had
been transferred to buses.

Expenditure is entered at
FMfc 72.3bn (£8.79bn), an “in-
crease of 11 per cent on 1982.
The deficit on the revenue side
is FMk 8.9bn which is to be
covered by borrowing in the
domestic and foreign financial
markets.

The budget is based on the

assumptions that gross domestic
product will increase from 1
per cent this year to 2.5 per
cent, and the inflation rate will
be brought down fro m 9.25 per
cent to 7 per cent Employers
and unions . consider these
assumptions orer-optimistic.

The budget contains little for
industry, which is worried about
the 19 per cent erosion of Fin-
land's international price com-
petitiveness since 1979.

The corporate income tax
rate is unchanged and the tem-
porary and partial relief in
turnover lax on new productive
investments is prolonged until
the end of 19S3.

Increases in excise taxes and
charges affecting the cost of
fuels, tobacco and alcohol, postal

and telecommunications tariffs,
are to be kept down to 5 per '
cent, except for railway tariffs i
which will rise by 10-12 per f
cent. |

trend deepens 1 to improve

The personal income tax scales j
will be inflation-adjusted by 9 I
per cent, for larger families by j
even more. The adjusrmcnt will ;
also be applied to deductibles j
and wealth tax.

The total tax burden in rela-
tion to GDP will be reduced
by half a point to 36 per cent j
Real earnings should increase t
by 2.5 per cent and the real |
disposable income of house-
holds by 3 per cent. But Mr [
Pekkala has warned that if wage |
demands are immoderate, he j
will increase the excise tax on |
alcohol and tobacco. I

Kreisky unveils £6m jobs plan

Poland needs extra grain

WARSAW— Poland needs to
buy ‘at least 5m tons of grain
to make up for the shortfall in
the amount planned for this
year’s harvest, the official news

FINANCIAL TIMES, published daily
except Sundays and holidays. U S.
subscription rates $386.00 par annum.
Second Class postage paid at New
York. N.Y.. and at additional mailing
centres.

- agency Pap reported.

The hation’s state and private
farms so far have delivered
more than 2.2m tons of grain.

It reported that (he amount
was lm tons above the corre-
sponding period last year, but
only 45.3 per cent of the amount
planned for harvest this year,
AP-DJ

A spokesman for the Federal
Mediation and Conciliation
Service government agency,
said neither side had given np
the prospects of a settlement.

The Association of Ameri-
can Railroads reported that
engineers walked out at rail-
roads across the nation. In-
cluding some of the largest;
the Norfolk Southern, CSX
system. Southern Pacific,
Union Pacific, and Burlington
Northern. AP

BY LUCIAN MEYSELS IN VIENNA

AUSTRIA’S Socialist Govern-
ment has unwrapped a three-
to four-year plan . to invest
Sch 170bn (£6m) in industry to
create 30.000 to 35,000 new
long-term jobs.

The plan was disclosed after
a meeting of the Socialist Party
Presidium at Hellbrunn Castle
near Salzburg, which was also
attended by leaders of the
Austrian trade union federa-

tion. Chancellor Bruno Kreisky
described Austria as one of the
economically most successful
nations after Japan, but admit-
ted that even with the new pro-
gramme, complete full employ-
ment could not be achieved.

NEW ISSUES

This announcement appearsasa matter of lerord only.

ir

hm

July 14, 1982
September 20, 198i

The Opposition described the
programme as an electoral gim-
mick and predicted that unem-
ployment would rise this com-
ing winter to between 150,000
and 200,000. General elections
are due to be held in Austria
in April 1983.

The biggest investments —
some Sch 43bn — are scheduled

for Austrian railways, followed
by Sch '42bn for new' power
stations and Sch 41hn for (he
postal services.

• A further Sch 8.3bn is to be ’
invested in urban heating pro- ,
jects and Sch 2bn in a crash i
programme for the building
industry, which has been par-
ticularly hard hit by the reces-
sion.

In all, Sch 23bn will come out
of the regular budget, but Mr
Herbert Saleh er. the finance
minister, claimed that there
would be no new taxes— at least
not in 1983.

By David Houttgo In Paris
THE DRAMATIC worsening
of France’s external deficit
has been confirmed by new
current account and trade
figures released over the
weekend.

The current account deficit
(goods and services) more
than doubled In the second
quarter of the year from
FFr 12.5bn (£L04bn) for the
first three months to
FFr 27.3b n. Thus the deficit
for the second quarter atone
exceeded the total current
account for 1981 of FFr 26bn
on revised figures.

A change In the methodology
used by the Ministry of
Finaucc for computing the
current account deficit has
resulted in last year’s short-
fall or FFr 4fl.6bn being
reduced to FFr 26bn.

Ministry of Finance officials
expect about a FFr TOhn
deficit for the year— almost
three times last year's current
account deficit, which in Itself
was a record since the first oil
shock of 1973.

Most of the .shortfall was
due to the sharply widening
trade gap. But. on seasonally
adjusted figures, France's sur-
plus on the services account
contracted sharply as well
from FFr 9 .2 bn ip the first
quarter to FFr 4J2bn the
April June period,’ reflecting
diminishing earnings both
from major overseas contracts
and from interest payments on
the foreign exchange reserves.

I By Rupert Cornwall hi Rom*

■ JULY FIGURES give rt« Y
[ evidence of a slow impraveme n
i in Italy's foreign trade per
1 form an re. Thr deficit of LTJUa

• |S 322m) is the smallest Biontbh
I shortfall in 1982 tints far.

i The result, helped by :

■ specially strong showing by

: traditional surplus sector q
; textiles and clothing, brings

* overall deficit for the first sever
! months of tins year to L 10,603 d
:■ i$7.6hn), down from Li1.663bj

■ in (he same period nf 1981.

( The irade figures from ls»t
) ihe National Statistics Institute
{ have coincided with dal a frt®
! the Bank of Italy showing Uts
! the country 1 * basic balance o
1 payments had swung sharpl*
J bock into surplus nvrr (hi
; summer, bolstered by recap
! income from lounsm. Even so
j during the first eight monlh
the payments balance was «til
m deficit by L39lbn.

August’s surplus was M,331br
bringing (he total for the thru
months from June to L3.3R5h&
i Although thu represents a start
I decline from the previous year
I which achieved a l*5.7Q8bn sur
{ plus between June ant
; August, officials pointed nut ye*
terdny that J9SJ had ton
heavily influenced by the impe
j sit ion of an import deposit
scheme in May 1981, sub
sequently abolished b$i
February-

The most cheering aspect .o!
the figures is the strong giir
registered by both textiles aoc
clothing, and by the engineering
goods sector, each of which
j showed a surplus ot just under
I LT.OOObn.

I r

NEW ZEALAND

DM 100,000,000
9V*% Bearer Bonds of 1982/1987

Issue Price: 100%%

DM 150,000,000
8%% Bearer Bonds of 1982/1989

Issue Price: 100V4%

COMMERZBANK

AKTlENOESatSCtiVT

S. G. WARBURG & CO, LTD.

AMRO INTERNATIONAL LIMITED

CREDIT LYONNAIS

DEUTSCHE BANK

AKTENOfcSELLSCHtfT

KIDDER, PEABODY INTERNATIONAL

, UMTT£J> .

M. M-WARBURG-BRINCKMANN,
WIR7Z&CO.

Algemene Bank Nederland N.V.
Arab-Banfcing Corporation
Amhold and S.BIeichroeder, tnc
Julius Baer international Limited
Bancs Commercial* Kalians
Banca de\ Goltardo
Banca Nazianale del Lavaro
Banco di Roma

Banco di Roma per la Svizzera SA.

Banco Urquijo Hisparto Americano Limited
Bank of America International Limited
Ban k f u r Ceme inwirtscliaft
ALtiengeseflscliait
Bank Leu international Ltd.

Bank Mees & Hope N V
Bank of New Zealand
Banquet Bruxelles LambectS A.

. BanqueFran^aisedu Commerce Exterieur

* ’Vatique Indosuez

. Banque Internationale k Luxembourg SA.

- Banque Nat ionalede Paris
Banque Paribas .

Jianque de Paris et des Pays-Bas fSuisse] SA.
•- Banque Populaire Suisse SA. Luxembourg
Banque Privee SA.

- Banque de I’Union Europfenne
.. Baring Brothers & Co., Limited

. Bayerische Hypotheken-und VVechsef-Bank
AktiengesefischaFt

Bayerische Landesbank GTrozentrale
Bayerische Vereinsbank Aktiengesellscfiaft

- Joh-Berenberg, GossierACo.

Berliner Sank Aktiengesellschaft
Bertiner.Handeis- und Frankfurter Bank -
Ban khans Gebriider Bethmann

Blyth Eastman Paine Webber
International Limited

• B.S. (.Underwriters Limited
Gisse des Depots et Consignations
Chase Manhattan Limited

. Citicorp International Group .

Commerzbank International S.A.

1 Com merzbank (South East Asia) Ltd.

Copenhagen HandeUbank -
‘Oeditanstalt-Bankverein ' ----- - —

-Credit Commercial de France
Greditiudustriel et Commercial
CretiiteJIaliano - -- .

Credit Suisse first Boston Limited

Daiwa Europe Limited
Richard Daus & Co., Bankiers
Delb ruck & Co.

Den Danske Bank af 1871 Aktieselskab
Den norske Credit bank
Deutsche Girozentrale

- Deutsche Kommunalbaitk-
OG Bank

Deutsche Genossenschaftsbank
Dillon, Read Overseas Corporation
Dominion Securities Ames Limited
Dresdner. Bank Aktiengesellschaft
fffectehbank-Warburg
Aktiengesellschaft
Europartners Securities Corporation
European Banking Company
Limited

L’Europ£enrrede Banque
Girozentrale und Bank
der dsterreichfechen Sparkassen
Aktiengesellschaft
Goldman Sachs International Corp.
Groupement des Banquiers Prives
Genevois

Hambros Bank limited
Hamburgische Landesbank

- Girozentrale -

Georg Hauck&Sohn Bankiers
'• Kommanditgesellschaftauf Afctien
Hessische landesbank -Girozentrale-
Hill Samuel & Co. Limited
fnduslriebank von [apan (Deutschland)
Aktiengesellschaft
Kansaliis-Osake-Pankki
Weinwort, Benson Limited
Kredietbank N.V.

Kredietbank S.A.Lincembourgeoise
Kuwait Foreign Trading Contracting &
Investment Co. (S.A.K.)
landesbank Rheinland- Pfalz

- Girozentrale -

Lazard Brothers & Co. limited
Lazard F re res et Cie

Lehman Brothers Kuhn Loeb
International, Inc
Lloyds Bank International Limited
EFCB International Limited
Manufact urers Hanover Limited

Merck, Finck & Co.

Merrill lynch 1 nfemational & Co. .
B.Metzler seel.Sohn & Co.

Morgan Grenfell & Co. Limited

Morgan Guaranty Ltd
Morgan Stanley International
National Bank of Abu Dhabi
The National Bank of New Zealand Ud.
Nederiandsche Midden standsbank N:Y
The Nikko Securities Co* (Europe) Ltd.'
Nippon European Banks. A.

Nomura International Limited
Norddeutcche Landesbank - - • —
Girozentrale
Sal.Oppenheim fc & Ce.

Orion Royal Bank Limited
Pierson, Heldring & Pierson N.V.

PK Christiania. Bank (UK) Limited
Privalbanken Aktieselskab
Renouf International (NZ> Limited
N.M. Rothschild &Sons Limited
Salomon Brothers international Limited
J. Henry Schroder VVagg&Co. Limited
_ Schroder, Munchmeyer, Hengsi&Co-
* Scrfmgeour, Kemp-Gee&Co.

- Sbearson/American Express
International Group
Skandinavifka Enskilda Ban ken
Smith Barney, Harris Upturn & Co.

Incorporated
Sociele Generate
Societe Generate de Banque S.A.
Svenska Handelsbanfcen
Swiss Bank Corporation International
Limited

Trinkaus & Burkhardt .

Union Bank of Finland Ltd.

Union Bank of Switzerland (Securities)
Limited

Verband Schweizerischer
'Kantonalhanben *

Vereins-und Westbatik
Aktiengesellschaft
J. Vonlobel & Co.

Warburg Paribas Becker Inc. '
Weslrfeutsche Landesbank Girozentrale
Westfalen bank Aktiengesellschaft

Wood Gundy Limited
Yamaichi International (Europe)
limited

s

d

l ev

Financial Times J Montjay September 20 1982

OVERSEAS NEWS

Financial Times correspondents report on the aftermath of last week’s massacre of several hundred Palestinians in two of Beirut’s refugee camps

Begin demands c t airo Jn ,, f Savage blow to hopes for peace in Lebanon

j_ T »*- IVVOll Vi BY PATRICK COCKBURN IN BEIRUT

repOFl RS Israeli ambassador THE TORN and bullet-ridden scraped up by a bulldozer. The following day. Christian the horses once- pulled. In' an- The attack had clearly taken

A. 1 bodies of the Palestinians Even in Beirut. SO familiar mftftbi tronnK mainlv unrler The nthor nan nf the a rimr nianv of the'rieaH hv snmrise.

protests grow

BY DAYS) LENNON «N TIL AVIV .

MR MENAHEM BEGIN, the
Israeli Prime Minister, has
demanded a full report on how
the Christian Militias got into
the Sabra and Shatilla refugee
camps and were able to. carry
out the massacre under the guns
of the Israeli troops stationed
around.

Gen Rafael Ehtau. ithe Chief of
Staff, claimed in a radio broad-
cast yesterday that the Israeli
troops were only positioned on
the west side of the camp and
that, because of this, they were
not able to control the action of
the Christian Pbalangist forces
in other places.

However, on official army
communique issued in the
middle of last week specifically
stated that the Israeli troops had
taken control . of all the key
positions in West Beirut and
that they had surrounded the
refugee camps.

Mr Yitzhak Rabin, a former
Prime Minister, yesterday
accused the Israeli Government
of indirect responsibility for the
massacre. He said that, with the
entry of the Israeli army into
West Beirut, Israel took upon
itself responsibility for security
and order in Lebanon.

Along with other Opposition
politicians. Mr Rabin called
yesterday for a public committee
of inquiry to examine' the
reasons for the massacre and
also for the earlier assassination
of the Lebanese President-elect
Mr Bachir Gemayel.

An unnamed official on Jerusa-
lem said yesterday that. the.
Israeli forces bad allowed the
Phalangists to go into the refu-
gee camps in order to ferret
out the remaining PLO guer-
rillas

But there has been no official
statement by either the Prime
Minister's office or the Foreign
Ministry on the bloody event of
the weekend which shocked all
but the most hardened Israelis.

Hundreds of Israelis, includ-
ing Labour Party politicians,
intellectuals and members of the
Peace Now movement, demon-
strated yesterday outside the
residence of the Prime Minister
in Jerusalem. They carried
placards with slogans describing
Begin as a murderer and calling

.-'Hr Begin:

44 Indirectly responsible.”

on the Government to resign.
The demonstration was broken
up by police’ using .tear gas.

Later in the morning Mr
Bejpn had to be protected by
dozens of security men when a
small ' group, ' of demonstrators
heckled him as 'he left Jerusa-
lem's main synagogue

The' Chief of Staff said yester-
day that Israeli troops were
being thinned out in West
Beirut as they handed over
some of their positions to units
o the regular Lebanese Army.
However, he said he did not
know when the Israeli forces
would finally leave all of West
Beirut. He said this was being
delayed by the discovery of large
stockpiles of weapons and am-
munition. When the collection
of these arms stores is com-
pleted, the army will leave, Gen
Eitan said.

In a clear attempt ‘to shift
blame, the Israeli Chief of Staff
yesterday accused unnamed
foreign elements of having pre-
vented the Israeli army from
holding direct contacts with the
Lebanese army in order to hand
over control to them.

Israeli military officials in
West Beirut said that- the -Chief
of Staff, in mentioning foreign
elements was referring to Mr
Morris Draper, the special
American envoy, and Mr Shafik
el Wasson* the Lebanese Prime
Minister.

Cairo hints
at recall of
ambassador

* • • e

By Charles Richards' in Cairo’

Egypt hinted yesterday it
might consider recalling its
Ambassador to Tel Aviv if
the fighting In and around
Beirut is allowed to worsen.

'Hie Egyptian Foreign
Minister Mr Kamal Hassan
Ali said such a move “ would
be discussed If there were
farther- escalation.” It was
not clear whether he meant
a recall for consultations or
a more drastie cutting of
relations. This Is the first
time that Egypt has publicly
acknowledged contemplating
such a move since It sighed
a peace treaty with Israel in
1979.

Since the beginning of the
present crisis in Lebanon,

- Egypt has maintained, full
diplomatic representation in
Tel Aviv. The Egyptian Gov-
ernment resisted calls for a
recall of its ambassador and
the suspension of other links
With Israel on the grounds
they wonld not serve Egypt’s
national interests. Officials
also insisted that it was at
times of crisis that Egypt’s
ambassador was most needed
in situ.

Calls to suspend shipments
of 40,000 barrels of Egyptian
crude oil a day to Israel were
also tuned down on the
grounds this was a commer-
cial transaction.

Egypt’s exasperation with
Israel turned into horror
over the weekend’s massacre
Egypt has told Israel it holds
Jerusalem responsible for
what it ealls * these inhuman
fallings.”

Egypt has also appealed to
the UJ5. to intervene to bring
about an Israeli withdrawal
from both West and East
Beirut, and to secure the
return to Beirut of the
multinational peace-keeping
force; as well as finding ways
to prevent the fighting spread-
ing to Tripoli, north . of
Beirut, and in the Bekaa
Talley.

Beater adds from Cairo:
In one of the fiercest attacks
on Israel in the Egyptian
Press, the . influential Al-
Goumhoria said in an editorial
that the Israeli army, which It
called “the army of a real
terrorist organisation,” had
become dangerous to peace in
the Middle East and the entire
world.

BY PATRICK COCKBURN !N BEIRUT

THE TORN and bullet-ridden
bodies of the Palestinians
murdered in Shatilla camp in
Beirut were beginning to bloat
in the morning sun yesterday.
It is difficult to walk more than
a few yards through the narrow,
ruined alleyways without smell-
ing the sweet taint of decom-
position.

■ Beside the main lane which
runs through the heart of the
little shanty town, there is a
scattering of dead. One woman
lies huddled on a heap of
rubble, her hands still bound
with rope, indicating that she
had been taken, prisoner before
being shot.

Further down the narrow
streets, between the one-storey
bouses, the dead lie in heaps
where they were cut down by
the sub-machine guns of
•Christian militiamen.

-On a short walk. -I counted
64 bodies. The final total is
likely to be more than 500. Some
parts of the camp were blown up
by the militiamen and others
were bulldozed before the with-
drew in what may have been
ap attempt to conceal the ex-
tent of the massacre. If so, the
effort was half-hearted. Hands
and feet protrude from the
heaps of red earth newly

scraped up by a bulldozer.

Even in Beirut, so familiar
with war and death, the
massacre has left people
stunned. Coming on top of the
assassination of President-elect
Bachir Gemayel last week, it
seems to have ended whatever
chance there was for peace in
Lebanon.

Many people in the city.
Christian and Moslem, blame
the ktiliugs on the Israelis with
varying degrees of venom. They
argue that Shatilla camp is only
a few hundred yards away from
a major concentration of Israeli
troops and tanks outside the
remains of the Kuwaiti
Embassy.

Even yesterday’s handover of
the. camp to the authority of
the Lebanese army seems to be
of largely cosmetic intent. When
I and another correspondent
tried to interview a Lebanese
soldier who seemed willing to
talk, we were brusquely
ordered away by an Israeli
Spldier, citing “Orders.” Israeli
troops are in total control of
the area. !

The course of events leading
up to the massacre is only now
becoming clea/\ Last Wednes-
day, Israeli troops moved into
West Beirut following the
assassination of Mr Gemayel.

Soyiet Union seeks UN
sanctions against Israel

BY ANTHONY ROBINSON IN MOSCOW

THE WEEKEND massacre in
Beirut has sparked off a vio-
lently anti-Israel attack by the
Sovfet news agency Tass which
also reflects months of smoul-
dering Soviet frustration and
anger at Israeli and U.S. actions
in the Lebanon.

Without mentioning the
Haronite militia at all, Tass
directly accused Israel of “per-
petrating a heinous crime” and
of staging a massacre of the
civilian population. It compared
the outrage to the wartime
massacre of Jews by the Nazis
at Babi Yar, a deep ravine just
outside Kiev where some
200,000 were killed in 1941.

“Responsibility for the crimes
rests primarily with the Israeli
ruling circles" Tass said, but
added "If it were not for Wash-
ington’s support, Israel would
not have dared to commit such
atrocities.’’

The Soviet Union. Tass added.

“Strongly condemns Israel's
aggression and genocide in
Lebanon. It demands their
immediate termination and the
withdrawal without delay from
Lebanon.” U also called on the
UN Security Council “to fully
use the powers entrusted to it
... - including the- use of UN
troops to ensure protection for
Beirut’s civilian population and
the withdrawal of the aggres-
sors* troops."

The statement also called on
the Security Council to impose
sanctions “if necessary" on
Israel and. for the first time,
indirectly supported those Arab
countries who have called for
Israel’s expulsion from the UN.
"A general question arises
whether such a state as Israel
which systematically violates
principles of the UN Charter,
can remain a member" was how
Tass put the question.

The following day. Christian
militia troops, mainly under the
command of Major Saad
Haddad, came into Beirut. Local
shopkeepers claim to have seen
their convoy moving north along
the coast road.

Major Haddad's troops are
trained and armed by the
Israelis and are normaly under
their operational control. On
Friday, these militiamen, known
for their savagery in the past,
moved into the camps. •

Israelis ■ on the outskirts
broadcast appeals in Arabic to
their inhabitants to come out
of their houses and surrender
any weapons they possessed.
About 7 pm on Friday, the mass
killings started with the
brutality which has become so
commonplace in. Lebanon since
the civil-war started in 1975.

It seems that people in the
camps made little attempt to
defend themselves. Most of them
were labourers or small traders,
the pathetic evidence of their
occupations still evident among
the rubble.

In one street, two horses lay
dead, wiiile a single surviving
one wanders among the ruins.
"What appear to be the bodies
•of their owners lie together with
the smashed remains of the cart
and little kerosene wagon which

Italy reaffirms
commitment
to send troops

ROME — Italy charged yester-
day that the Israeli army
perpetrated or consented to
the massacre of Palestinian
refugees in Beirut.

The strongly worded com-
munique released by Premier
Giovanni Spadolini’s office, also
reaffirmed Italy’s commitment
to send peacekeeping troops to
Lebanon.

" The Italian government
expresses the most firm con-
demnation and the most angry
reproach for the bloody actions
that the Israeli army perpe-
trated or anyhow consented to
and for the tragic slaughter of
Palestinian refugees.” it said.

“The Government addresses
a pressing appeal to the Govern-
ment of Israel that a new
* cease-fire,’ according to the
unanimous resolution of the
United Nations, is realised
immediately
AP

the horses once- pulled. In' an-
other pan of the street, a tiny
clothes shop lies wrecked, a
shocking pink nightdress stiU
hanging up on display.

Just how much of the damage
to the houses was done on
Friday and how much by Israeli
artillery and bombing over the
past three months is unclear.
Many buildings have dearly
been destroyed in the past two
days. Away from the main
streets, however, some of the
houses are still intact, and it
was here that the most horrific
massacres took place.

Walking around the corner
of one alleyway, I found 14
bodies scattered around a little
pickup truck. One man lay
underneath it, though whether
he crept there in a last, vain
attempt to escape the bullets or
had crawled there to die was
not clear.

A Palestinian girl of about 20
was standing beside me staring
at I he bodies, when she sud-
denly saw the corpse of a rela-
tive half hidden by the heap
of dead. She began a high-
pitched scream which rang
through the -main street where
little knots of Palestinians were
gathered, handkerchiefs pressed
to their noses.

The attack had clearly taken
many of the' dead by surprise.
A young man in blue jeans lies
in the forecourt of his little
house, while inside the door
there is a plate on a table with
the remains of bis half-eaten
supper of mince. He had died
from a bullet in the head. Other
corpses had been mutilated.

For the Israelis, the massacre
is dearly a political disaster.
Israeli tanks and troops are so
near the camps and Major
Haddad's militia so mud)
Israel’s creation that some
degree of complicity by some
Israeli officers will prove diffi-
cult to deny. The bitterness
against Israel and the U.S.
among ’Arab .stales will be
violently exacerbated.

The Israelis will find It even
more difficult to secure allies
in Lebanon and this in turn
makes it difficult for them to
leave the country. Mr Menahem
Begin. the Israeli Prime
Minister, has said that a main
purpose of the invasion in June
was to create a Lebanon
friendly to Israel.

With the death of "Mr
Geiuayel Iasi week, this option
seemed almost to disappear and
with Friday night’s massacre, it
has surely vanished.

UK party leaders united
in call for troop pull-out

BY OUR FOREIGN STAFF

LEADERS OF Britain’s main
political parties were today as
one in their revulsion at the
massacre of Palestinian refugees
in Beirut and united on the best
way to bring peace.

A wave of horror at the kill-
ings. was led by Mrs Thatcher's
condemnation of “an act of
barbarism " and accompanied .by
accord .on the .need for . the
Israelis to get out of Lebanon
and be replaced by a UN peace-
keeping force.

The Prime Minister was
obviously jolted by the news,
received as she started the third
day of her visit to Japan. “It
seems to me an act of barbarism
that would have been totally
unbel ievabl e if it had not
actually happened.' One can only
condemn utterly those respon-
sible.” she said.

A “ horrified ’’ Mr Pym made
his call for an Israeli with-
drawal and raised the possibility

of the return of the UN force,
on BBC Radio's “The World
This Weekend."

The Israelis had gone into
West Beirut “ ostensibly to stop
further loss of life," he said.
But by allowing the right-wing
Christian militia to go into the
camps. "You could expect
horrifying results.

. “So at best it was incom-
petent. but I suspect it was
worse than that.”

Mr Healey said the Israelis
should withdraw immediately
•“ as they cannot maintain law
and order in Lebanon ’’ and be
replaced by a multi-national
force.

He urged the United States
to put pressure on Mr Begin
and called on the British
Government to take the lead in
organising European action.

Dr Owen called for & “ reaL
UN fighting force ” to go an at
once.

ARD

MEETING

In any discussion on the choice of fuel
there’s one feet that emerges head and
shoulders above the rest ^ •

Coal is a considerably cheaper fuelthan
either-oil or gas. But that’s only the’ beginning
of the story

THE CHANGING EACE OF COAL

There have been some impressive advances
in boiler technology combustion techniques
and methods of coal and ash handling.

It's now possible to operate in excess of
80% thermal efficiency. Equally surprising is that
in modem installations coal and ash are seldom
seen and rarely touched by hand.

And smoke is consumed within the boiler.

COAL. OUR ENERGY LIFELINE

British Industry needs a modem, reliable
and economical fuel to replace those that will
dwindle in supply

- Goal is that energy lifeline.

are fortunate enough in Britain to have
the resources to supply industry with coal for

the next 300 years. At the Vienna Conference
all EEC member countries agreed to reduce their
reliance on imported oil; coal -the major alter-
native-makes Britain well placed as the largest
and most efficient producer in *WestemEurope.

Fine, you say but what about the cost of
converting to coal?

You’ll bepleased to know that there are
several ways of effectively achieving an economic
installation.

THE 25% GOVERNMENT GRANT SCHEME

25% of the total project capital cost of making -
the change to coaL

All companies in the private manufacturing
and most service industries are eligible,
providing that oil and/or gas has been used to
meetat least 75% of the process steam orheating

giants (Regional Development Giants for-
example) for which you may qualify

HELP COMES FROM ALL

QUARTERS

Apart from the grant
schemes there are leasing
arrangements that make
converting to coal a lot
easier on your cash flow.
Further beneficial funding
could come through theEEC
And the NCB is drilling to |

enter into favourable

arrangements with individual
customers.

Here again the aim is to reduce
capital outlay and bring down
running costs.

It is within the power of coal to
make British Industry more efficient
more cost-effective, more competitive
in world markets. If we make the

most of what coalhas to offer, all

Britain willbenefit.

Hift W Your company included.

$&L*\ If For further information

n * v ’ pfease Sll in the coupon and

send it to the National Coal
Boardjfechnical Service Branch
Marketing Department Hobart
House. Grosvenor Place, London
SW1X7AR

For further information on the
y Government Grant Scheme, please
apply direct to The Department of
Industry Charles House, 375 Reusing
$ ton High Street. London W14 8QH.

I E3 25 Bl BIB H M Mk H

Name -

Please tick the aspects ofcoal you need information on ■
D Government Grant Scheme I

□ Regional Development Grant ■

□ EEC Funding ®

□ Leasing developments ™ |

□ Supply arrangements CoaL The fuel with, a future. ■

me. j

4

WORLD TRADE NEWS

Financial Times Monday September 20 1982

Paul Cheeseright charts the performance of Britain’s top 100 exporters in 1981

UK motor groups fall back in export league

BRITISH PETROLEUM last
year retained its position as the
UK's largest exporter, consoli-
dating a place it has held since
1977.

I Cl remained in second
place, but British Aerospace
and GEC supplanted the two
major motor companies, BL
and Ford, in the top four.

The table covers a period
when industry generally was
finding it difficult to expand in
the recession-laden inter-
national market, despite the
improvement in productivity
noted by bodies Eke the British
Overseas Trade Board.

During 19S1 the volume of
exports showed little change
over 1980. The surplus on cur-
rent account was estimated at
£6bn, hut the detailed figures
for visible exports are unavail-
able because of the civil
servants* strike.

The current account surplus
owed a good deal to higher
sales by oil companies. In
BFs case the rise in export
earnings to £2.8bn from
£2L2Sbn in 1980 reflected higher
prices abroad at a time when
internal demand slackened.

But other oH companies
showed notable gains in the'
league table, with Conoco
climbing to 9th position from
16th in 1980 and Texaco enter-
ing the list in 37th place, as
offtake from the North. Sea
rose.

The performance of British
Aerospace and GEC whose
exports have continued to rise,
indicated some buoyancy on
the high technology markets.
And the same could be said of
RacaL which climbed 12 places
to 20th in the first full year
after its merger with Decca.

By contrast, the motor
industry continued to feel the
pinch of tight market condi-
tions. Ford overtook BL. but
both lost ground in the table.

THE TOP HUNDRED EXPO RTERS-1 981

(Previous year's ranking 'm brackets)

(D
( 2 )
(7)
(5)
(4)
(3)
(9)

* no

9 (76)
10 ( 12 )

11 (14)

12 03)

U on

14 (15)

15 (17)

16 08)

17 (20)

18 (23)

19 (25)

20 (32)

21 (28)
22 ( 21 )

23 (27)

24 (26)

25 (19)

26 (30)

27 (24)

28 (46)

29 (35)

30 (41)

31 (43)

32 (36)

33 (29)

34 (33)

BP

ICI.

Brit. Aerospace

GEC

Ford

BL

British Steel.
RoHs-Royce
Conoco
Unilever

Masscy-Fergusen '

IBM

CourtauUs
Distillers
Hawker Siddeley
Johnson Matthey
WCC

Rank Xerox

Lucas

Racal

BAT Industries
Tube Investments
Inco

Rothmans IntL
Brit Shipbuilders
GKN
Davy

Cummins Engine

Mobil

Vickers'

Glaxo
Kodak
Philips ■

1981

1980

7981

1980

£m

£m

£m

£m

2*07

2389

35 (37) Thom EMI

767.9

198*

7,453

1,TO

36 (39) Micbeiin

149.7

143

1,027

789

37 ( — ) Texaco

148

49

965

805

38 (SO) S. Pearson

1413

123*

919

852

39 (22) Vauxhall

1403

2345

884

880

40 (40) Babcock IntL

136*

146*

667

650

41 (81) Monsanto

1303

70

610

554

42 (34) Ciba-Gelgy

129*

1672

578

343

43 (38) Dunlop

729

149

4863

454*

44 (44) Eng. China Clays

128*

1302

432.1

4283 i

45 (62) STC

126

943

420

452

46 (55) Wellcome Found.

1163

107

414

493

47 (37) Talbot

IIS*

189*

406.1

386.7

48 (61) Assoc. Odd .

114.7

943

321

289

49(53)10.

7703

1112

2953

2513

50 (54) John Brown

110*

1182

2573

2433

51 (58) DeLaRue

1102

1023

235*

2303

52 (52) Turner* NewaJI

109

112

235

223.9

S3 (48) Dowty

108*

127.9

*2323

1073

54 (60) Messey **1063

**97*

237*

271

55 (64) Beecham

106.1

922

230*

235

56 (56) Rio Tinto-ZInc

1055

7053

2163

2153

57 (66) Grand Met.

102*

91*

2123

2173

58 (67) Esso Chemical

1003

88*

206

251

59 (70) Westland

993

783

192*

1933

60 (45) Burmah

983

1282

192

229

61 (57) Albright a Wilson

97

103

184*

127*

62 (59) Reed IntL

95

100

184

163

63 (51) Simon Eng.

95

1123

177

1423

64 (63) Seagram

93

933

176

131*

65 (72) Acrow

89

773

176-

160.9

66 (71) Gulf OH

833*

773

*170.9

2043

67 (97) UDS

1183.7

513

■ 1703

173*

68 (— ) Tate & Lyle

80.4

57.9

19*1 1980

. fin £m

69 (74) Assoc Engineering 716 76

70 (6?> D. Brown Tractors 753 783

71 (82) J. C. Bamford 743 69.1

72 (49) IntnL Harvester 743 1243

73 (90) BTR 733 OJ

74 (80) PUkJngton 723 723

75 (65) Alcan 713 91.9

76 (93) Arthur Guinness 71.1 593

77 (92) Smith Industries ' 70 60

78 (76) Coats Patens 693 71.7

79 (87) Shorts 683 65.1

80 ( 83) Lonrho 68.4 673

81 (86) Borg-Wamer 68 653

82 (78) Metal Box 68 7!

83 (79) Moli ns 67 703

84 ( — ) Ferranti 633 54

85 ( — ) Lilly Industries 623 413

86 (98) Tootal r«3 55*

87 (— ) BJLT. 613 483

88 (89) Blue Grde 613 643

89 (68) Delta 6T3 793

90 (88) Allied Breweries 60* **65.1

91 (77) Du Pont 60- 71*

92 (93) Cadbury *573 **583

93 (73) BOC Intnf. 573 76

94 (85) Rowntree 56.1 66

95 (— ) 600 Group 543 473

96 (— ) Thomis Tilling 517 517

97 (— ) Portals 53.1 473

98 (97) Bowater 53 553

99 (— ) Polariod S3 45

1Q0(— ) Goodyear 523 493

* Not comparable, see text. Year ending
January 1982. ** 53 weeks.

from. 5th to 4th and 6th to 3rd,
respectively. The value of BL’s
exports was virtually unchan-
ged, while those of Ford moved
up although they have still not
approached the 1979 figure.

But there are two serious
omissions from the top 10 or
12 in the list — Shell and Esso
Petroleum, neither of which
could make their export figure
available. Until last year the
value of direct exports was

statutorily required information
in an annual report. But the
Companies Act 1981 lifted that
obligation.

In one other case. Cadbury
Schweppes, only an estimated
range of . figures for direct
exports was available. The
figure published is the middle
of the range.

Philips, in 33rd place, decon-
solidated Cambridge Electronic

Industries during the year, and
this partially accounts for its
fall from 29th in 1980.

But regardless of special
situations of that type, the
figures cannot give a meticu-
lously accurate comparison of
export performance because of
the different financial year-
ends.

The *export values cited are
those either for calendar 1981.
or for the 12 months financial

period ending between March
and November 1981. There are
two exceptions — for com-
panies whose financial years
wvtprf in January 1982.

As stated in previous years,
it is almost impossible in lists
of this kind to avoid some
errors or omissions. It is hoped
they will be brought to our
attention by the companies
concerned.

If charming girls,

haute cuisine, a good
nights sleep and a

civilised arrival time

you onto a First Class
flight to Hong Kong and

back, t

Hew about £410?

We’ve cut our First Class return
fare to Hong Kong by £410 but as -
you can see, you don't have to make
any sacrifices to save money with
British Caledonian ; As if all the above
wasn't enough,you also getSkykxmger
sleeper seats In First Class and a
standard of care.and attention that
knows no equal.

leaving from London Gatwick at the
dvilised hourof 8.00pm means arriving
in Hong Kong early enough to rest and
prepare for the hurly-burly of business.
Bather than landing in the middle of ft
For details contact your travel agent or
local British Caledonian office or can us
on (01) 668 4222.

We never
forget
you have
a choice.

British t
Caledonian
Airways .

;r.C nirSnst.

| U.S. lorry

I

i curbs plan
worries
Canadians

By Nidwbt Hint In Toronto

PRESIDENT REAGAN is
today due to sign a MI
including a clause that would
place a two-year moratorium
on the grunting of licences to
Canadian long-distance lorries
to deliver goods into the U.S.
Canadian officials late last
week were still holding dis-
cussions with Washington to
try mJ persuade the Presi-
dent to use a. waiver in the
clause, declaring the ban
against U3. interests. That
would allow licences to be
granted and avert possible
trade friction between the two
countries.

But although the Reagan
Administration agrees with
the Canadians that the
moratorium is. unfair,
Canadians were becoming
increasingly concerned that
the President felt that use of
die waiver would appear as a
slight to Congress and par-
ticularly to Sen. John Dan-
forth, chairman of the sub-
committee on international
trade.

Sen. Danforth, who brought
in the amendment, is an
important supporter of the
President in an ™flrn»nrtni
position and the White House
is apparently concerned not to
hurt him politically at a time
when he faces re-election.

The moratorium was put in
the Bos De-regulation Bill
following lobbying by some
long-distance lorry operators
in the U.S. “to achieve fair
and equitable access for
American carriers in the
Canadian market. The
Canadians have warned that
the provincial licensing
authorities could take
reciprocal action if the mora-
torium is imposed.

Canadian officials are angry
about the moratorium. One
Embassy official said that
Congress's attitude over the
access of foreign lorries into
American markets contrasted
with the Administration’s
desire to open service indus-
tries to freer international
trade under the Gatt roles.

Gatt to press for
‘ceasefire 7 deal
on protectionism

BY PAUL CMXSERIGHT IN GENEVA

THE FIRST concerted action to
check the spread of protec-
tionism since the 1970s* pro-
liferation of import restrictions
taken outside the international
trading nrics, is now under
active consideration by the
major trading nations.

Talks at official ievd. both
formal and informal, could lead
to nearly 90 trade ministers
declaring a "ceasefire” on
protectionist measures when
they meet at a specially called
conference of the General
Agreement on Tariffs and Trade
(Gatt) in November.

Preparatory meetings for
this conference resumed last
Friday at the Gatt head*
quarters in Geneva. They are
expected to continue today and
from tiie end of this week to
go forward is more or less
continuous session.

The ceasefire would be the
centra! point of the ministerial
conferences communique, sig-
nalling a desire to go further
than a ritual reaffirmation of

the value of the open trading
system characteristic of minis-
terial meetings at the Organic*,
non for Economic Co-operatnm
and Development ami at sum-
mits of the tndustrUhsnl
nations. . . .

Details of the terms of «
settlement are a long way from
being settled, bur the lowest
common denominator of think-
ins on the subject would sug-
gest that it would embody, the
commitment rot to take any
further protectionist measures
outside lhr rules of the Gatt.

Last year trade restrictions
imposed within the terms nf
Gatt rules accounted for gfwds
worth about $23bn. intirestne-
tmns imposed outside the Gatt
rules arc Thought to haro
covered about SfiOhn.

Article ID of the Gatt pro v i de
for a nation to restrict imports
when a surge damages domestic
industry, but the restrictions
should traditionally be applied
lo all suppliers without dis-
crimination.

India starts talks with
USSR on steel plant plan

BY K. K. SHARMA IN NEW DELHI

THE INDIAN Government slid
at the weekend it had bc.crun
talks with Moscow on possible
Soviet participation in the con-
struction of a major integrated
steel plant to be built in the
state of Orissa.

A protocol signed between
India and the Soviet Union
shortly before Prime Minister
Indira Gandhi begins a five-day
visit to Moscow today, says the
two countries are discussing co-
operation in a number of indus-
trial projects, including the
Orissa steel plant, the first
phase of which is to bring it
to a capacity of 1.7m tonnes a
year.

British officials began talks
earlier this month on the par-
ticipation of UK companies in

the project which is also on the
agenda for Mrs Gandhi's meet-
ing with Mrs Margaret Thatcher
during the British frime
Minister's stopover in New
Delhi on her way back from
the Far F.ast.

Talks on British participation
in India's steel industry were
started following the revocation
of a letter of intent given to
Davy McKee of the Davy group
of Britain for building the Orisra
plant i in a turnkey basis.

The letter of intent, awarded
last year, was revoked by
India's steel indsutry last May
when Davy Me Kit reportedly
sought to raise the original
price of £!3bn for the pbnt
and also wanted to withdraw the
turnkey basis of the offer.

SHIPPING REPORT

Fall in tonnage and rates
out of Kharg Island

BY AhEDREW RSHSl, SHIPPING CORRESPONDENT

THE AMOUNT of tanker ton-
nage fixed out of Iran's Kharg
Island, where rates have risen
sharply during hostilities with
Iraq, declined last week. While
rates accordingly eased, they
were still well above those for
loading out of other Middle East
terminals.

, _ Previous reports that as much
as Worldscale 100 may have
been paid for a big tanker from
Kharg Island to, the Far East
were discounted. .

Up to Worldscale 70 has
been paid, however, with rates
last week dropping to World-
scale 62$. Galbraith Wrigbtson
instanced the case -of Turkish
charterers paying only World-
scale 31 for’a 125,000 ton cargo
from Rastancrah In Saudi
Arabia, but as much as World-
scale 70 for 135,000 tons from
Kharg.

Dry cargo markets bad an-
other poor week, according to
Denholm Coates. Grain /levels
from the U.S. Gulf fell back a
little after their recent modest-
recovery. “ The Far East remains

abysmal," it added.

Emphasising the continued
gloomy outlook on world ship-
ping markets, consultants H. P.
Drewry said the underlying
tone of dry cargo markets re
mained bleak, though a prospec-
tive rise in U.S. grain exports
had encouraged hopes for better
rates.

It said the inactive dry cargo
fleet totalled over 13m. dead
weight tons at end-August. Idle
combined carriers, which can
carry ©i! or dry cargoes,
amounted to 4.7m dwt

On the tanker market, ton-
nage la id-up or inactive for at
least two months rose by 2.9m
dwt at the end. of August.
Including idle combined car-
riers. the end-month figure was
nearly 79m dwt.

For those owners prepared to.
take the risk, said Drewzy,
Kharg ‘ Island fixtures ; were
likely to be the only ones bn the
tanker market above rock-
bottom levels. Tankers loading
at Kharg have to pay a war risk
insurance .premium.

lAJorld Economic Indicators

INDUSTRIAL PRODUCTION
(1975=100)

Aug ’82
U3» 138*

June'S

W. Germany . TT73
France
Italy

Netherlands
UK
Japan

Belgium

. * 1967=100

3183
4253 .
103*
103*
1473
AprU
120*

July *82
1383.
May *82
1223
717*
1313
1043
1013
1443
Mar *82
110 *

June *82
1383
Apr ’82
123*

mo

133.7 •
112.0
102 *
1473
Feb *82
1173

Aug *81
153*
June *81
120 *
1203
130*
106*
103*
1463
Apr *81
1173-

% change
over
previous
. 7»r
-103

— 23
• - 13

— 43

— 2 *

- 0*

+ 0*

+ 2*

Source (except u.S. and Jspm): Eurostat

GOVERNMENT OF THE
STATE OF GOIAS
SANEAMENTO DE GOIAS S A.

— SANEAGO
BIDDING NOTICE
PUBLIC BID No. 06/JE— SANEAGO
Sanumonto da Gdujs 5. A —
SANEAGO invites wi miarriica
companies to pamcioata ui 8m ! is
06/82 for the supply rtf equip
(nr tha Water Supply System r.
the cities af CACHOEIRA A(.T.\
AtTO PAR A I SO. VAR J AO m L *

others in the State of Gates. Br.tr.'.
The financial resources for pay.'ns!«
ol the charges lesu-T-pg from f*»
bid will ha provide* by ENM—
National Housing Dank, by de
Government of me State of Gen
through the Ujrar and Sena'
Financing Fund — FAF-SO, an* hr
a Loan taken by RNH from tha
International Rraonr-truntion and
Development Beni— IS3B. The con-
tract establishing the particiranan
of BN H and TAt-GO in th* SiO
IS CTN No. 851 /B1 signori twnrean
BNH and Banco do Estado da Gout
on June 30. 1981.

Liatad hnlnw are the lots ol mat-
erials and. or equipment of the SJD
and dm amount of the Bid- Bond
for each Lot:

LOTS SPECIFICATION BH3 BOND
I Supply of chlartn-

ation equipment CrST0.QC0.00
Supply of mixers CrS 8.000,00

III Supply of platform

scales CrS 2.000, CO

JV Supply of

exhausters CrS 2. 000. CO

V Supply of cd ramie

blocks for filter

bottom - CrS 2.000.00

VI Supply of motor

pump esaatnbliaa CiSIO.OPO.OO
The maximum periods for delivery
of the supplies are the lollowine:
30 conaauitrve days for Lot I: A3
consecutive days for Lot II; 31

cotisacutivo days for Lot ill: 30
consecutive days for Lot IV;
consecutive days for Lot V- and
BO consecutive days for Lot VT.

The BID documents, including th®
respective conditions, aia available
ror consultation or purchase -at tha
Permanent Bidding Commission at
SANEAGO’a head office, at A«.
"8“« No. 570, Sorer Jardim Gaiks.
Goitnie. State of Gaiis, Brasil. The
documents can be purchased
egatam presentation ol tha receipt
of payment to the Treasury of
SANEAGO. at its head office; ol the
enrolment fee of CrSI.DOO.OO {one
thousand, cruzeiros) far . each of
L«® 1 and VI (the documents tor
the other tnt* wtll be provided
free of charge), during the period
from August 19 to September IF.
1982. from 8.00 to 11.00 e.rn. end
Irani 2-00 xo 4 00 p.m .

The bids should be handed in sr
room Na. 305. nt the head office ol
SANEAGO. on September 21, 1982.
at 2.00 p.m., at n public aonmn
before the Permanent . Bidding Com-
mission of SANEAGO.

GolSnle. August Id, 1982
, , „ , f"?H») Eng
Jmo Gulmaroos da Berras
Sn(|i Technical Directnr

(agdjSng. Jos* Ubalde Teles
Director. President.

ASAHI CHEMICAL
INDUSTRY CO., LTD.

US. Dire. 30*90*00 TV* Cent -.

Convertible Bonds 1890

IMPORTANT FACTS ABOUT
REDEMPTION —
please carefully note
H older* of the above Bonds axe re-
ferred' fin the notice published In the
Financial Times and the Luxemburger
Wbtt so 26th August. 1963 and are far-
ther reminded that cod version rights
win terminate on 29tb September 1983
upon which date alt outstanding Bonds
win be redeemed at 1Q2£ Per Cent of
Lheir principal amount. a* detailed hi
the above-mentioned notice. Based on
ennant prices the market value of the
shares of Co mmon Stock intswUch the
Bands are c o nv er tible is ajgniBcanCly
STSater than U>* amount of cash which
‘■rmtld be rece i ved ppan redemption of
the Bonds.

ASAHI CHEMICAL INDUSTRY
* ... CO. LTD.

'■ By? Citibank, &LA.

• an Principal Payl/ig
and Conversion Agent

Donations and Information:

SE3£?i£SS&£ft m

60 West Smithfiekl, London EG1A9DX
G/ve to those who gave -please

WETHE
LIMBLESS,
LOOK TO YOU
FOR HELP

We coma from both world

wara. we come from Korea,

Kanya. Malaya, Aden, Cyprus
— and from Utstw.

Now, disabled, we must look
to you far help. Phwse help
by helping our Association: .

BLESMA looks after the
Rmbfass from aft the Services.

It helps to ov erc o me the
■ shock of tesingerms. or legs
or an eye. And, lor the
severefytandfaripped.it
pwvtoea Residential Homes
wharethey can live in peape
end dignity: - .

Help thadisabled by helping
BLESMA. We promise you that no*
one penny of your donation wtB
be vested.

... BRITISH UMBLESS
EX-SERVICE MEN'S ASSOCIATION

\ ...

Financial Times Monday September 20 1982

UK NEWS

GEC-Marconi in SDP seeks race rights at work

BY PETER RIDDELL. POUTKAt EDITOR

BY GUY DE JONQUIBIE5

CEC-MARCONT and ■ Nippon
FI pc trie (NEC) of Japan have
a erred in principle on arrange*
mems which would entitle the
British company to make and
sell under licence cellular radio-
telephone equipment, developed
by NEC.

GEC-Marconi is the latest in .a
series oE UK and forei£n-owned
manufacturers which have
recently announced plans to
attack the British market for
cellular radio equipment. It Is
estimated that sales could total
as much as £300m between now
and 3900.

Cellular radio vastly expands
the capacity of mobile telephone
systems by allowing channels
to bp used more efficiently.
Cities are divided into “cells”
a few miles across, each served
by a computer-controlled trans-
mitter operating at a different
frequency.

The Government plans to
license twn com pe ting *n el works
to offer cellular services from
early J9S5. One would he a
joint venture between British
Telrpnm and Securicor, the
security services company, and
the other a private consortium.
A group of companies headed
by Air Call is considered front-
runner fnr the priva re licence.

Applicants must submit
derailed proposals • to the
Government by the end of this
month. The . type of cellular
systems which they. adopt could
have important consequences
for the design of their net-,
works and for equipment
manufacturers.

No celldlar equipment is
made in Britain. The choice
lies between a U.S. system
known as AMPS, the Nordic

mobile telephone system (NMT)
in 'use -in Scandinavia and a
system ; operated by Japan’s
telecommunications authority,
Nippon ■ Telephone and - Tele-
graph (NTT).

Securicor and the Air. -Can
consortium both strongly favour
the American system. But
British Telecom, Securicor's
partner, appears .still. 'to be
wavering' between AMPS mad
NMT.

GEC - Marconi is pressing
strongly for adoption of the
NTT system, which NEC helped
to develop and make. But the
British company says that it
could* also supply suitable
equipment developed by NEC
even, r if one . . of ' the other
systems was selected by the
network operators..

GEC-Marconi would make
NEC. mobi le* telephone uni ts and
transmitters under licence but
would import assembled ex-
changes. NEC, which makes
computers as well as communi-
cations products, recently
agreed to supply radiopagers to
Rediffusion.

This is the second agreement
reached between GEC-Marconi
and a large Japanese company.
It is already cooperating with
Mitsubishi in marketing satel-
lite earth stalions.-

Other companies planning to
sell cellular radio equipment in
Britain include Plessey, which
is discussing a licensing agree-
ment with American Telephone
and Telegraph, Motorola of the
U.S.. which is building a plant
in Basingstoke. Hampshire. CIT
Alcatel of France, the Dutch
Philips group and its UK sub-
sidiary. Pye.

COMPANIES getting public
sector contracts and govern-
ment grants should lose these
benefits It they fail to provide
equal opportunities for all
races In employment, accord-
ing to a Social Democratic
Party ‘ consultative “ green
paper ,r - published ever the
weekend.

The 3S-pag« . ■ paper,
“Britain’s' .Urban. Crisis,*' is
tile ninth in .the series and
will be discussed at tbe SDP
consultative assembly In
Derby on October 14.

It has been prepared by a
group chaired by Mrs Shirley
'Williams and contains a long
list of suggestions for dealing
with the problems of ' inner

cities, covering employment
projects: house, improvement:
police recruitment, training
. and relations with the local
communities; and monitoring
the employment of ethnic
minorities in the public

service.

- One- key proposal is that a
new Human Rights Commis-
sion should be established,
incorporating the Commission
. for Racial Equality. It should
have adequate resources for
conducting investigations into
discrimination in housing,
employment and education.

The Government should
require public contractors
and other employers getting
public benefits to submit

equal opportunity policies
leading to certification as
Equal Opportunity Employers
by the Human Rights Commis-
sion.

Action should be taken
against defaulting employers.

iucluding (he suspension or
- cancellation- of contracts aud
other public benefits.

The paper suggests that
police accountability in Lon-
don should be strengthened
alung tbe lines proposed in
the Scarman report, with u
statutory framework of local
consultation between the Met-
ropolitan Police and the
community at borough or
police district level. Police
authorities outside London

should he strengthened by
representatives from volun-
tary and community organisa-
tions.

• Mr John Grant, the Social
Democratic MP for Islington
Central, will not stand in his
constituency at the next
-general election, hur ls likely
to seek a «#ut elsewhere.

His withdrawal prevents a
Contest between the three
existing SDP members for
Islington — the others are Mr
George Cunningham and .Mr
Michael O'Ualloran — one seat
in the borough is due to dli-
apear under the proposals Tor

boundary changes.

" ft rif uni's Urban Crisis.” fi.
SDP. 4 Coirleij .Ifrivf, LoijJmi

Economy -poised
to resume recovery’

BY MAX WILKINSON, ECONOMICS CORRESPONDENT

Call for action to end agricultural rates holiday

BY ROBIN PAULEY

the ASSOCIATION of British
Chambers of Commerce has
called for immediate ’action to
reform the .continued ’exemption
from rates^of all agricultural
land and* buildings. , -
The ABCC «aid a timetable
should . be established ifor tbe
early rating of agricultural land,
and described the situation as
“offensive, especially when
escalating industrial and com-
mercial rates have added to
manufacturing decline and con-
sequent employment.”

Farmers benefited substan-
tially from local services and

r ■ ■: ;• •• •

■ *•."• '■ . > . • •
f • -"V* ’<

■ • ' v ■. • /!

. • . • /;> . *' x ■
' ■ * * v- . :

should pay a fair share of the
cost of such services.

However, the Aberdeen and
Kincardine area of the National
Farmers' Union protested to the
ABCC giving 11 reasons why
agriculture should continue to
be exempt.

The ABCC replied strongly-
saying it is ** astounded at the
nerve of the NFU.”

Tbe ABCC Economics Direc-
tor, Mr Joseph Egerton, said the
NFU had scarcely advanced any
argument which did not also
apply to many sectors of manu-
facturing industry.

He -said, “ One's sense of out-
rage at the sectoral interest is
increased by the knowledge that
the loudest scream- fur compen-
sation for flood damage around
Selby earlier tins year came
from local farmers.”

The farmers argue that land
and buildings- are the tools of
their trade and rating them
would he akin to proposing a
rate on industry’s raw materials.
The ABCC rejected this and
said land is equivalent to fac-
tory sites.

The NFU said agriculture is
one of the most capiral intensive

industries in the country and
(he return un capital in rrlrmun
lo the assets involved is nui«-h
lower than for oilier types of
business of the same scale. The
ABCC replied: ■■ Try telling ihai
tu the steel industry."

AH the argnmems concerning
the drain on capital which
would result from rates and the
effect it would have un farmers
relative to EEC Competitors are
the same lor industry, “but
with greater force since, unlike
agriculture, manufacturing is
subject tu intense EEC compe-
tition." the ABCC said.

More

THE UK economy is now poised
to resume ilie recovery which
was aborted last autumn accord-
ing tu Green well the stock-
brokers in its^mlhientr-rh Mone-
tary Bulletin published this
weekend.

Creenwell has concentrated
on monetary indicators for pre-
dicting turning poinis in the
economy, unlike many of the
other brokers, which publish
detailed forecasts.

It says the recovery, which
started in the spring of 19S1.
ran our of steam in November.

mainly because the authoriue::'
monetary policy became, tuo

right.

This was partly because of the
'harp rise in interest rales
engineered by the authorities
tu defend sterlin?. against pres-
sure from high 1J.S. rates.

Creenwell says: "The authori-
ties started, to push interest
rates down in January l!is , L\
hm their resolve war hindered
initially by high interest rales
in ihe U.S. and subsequently by
ilie Falkland’s crisis.”

It w.vs that in real term--
fatter adjusting for inliaiiuiu,
the stock of Ml. ihe narrow
measure of money, declined by
5 per cent in the year tu May
1922, while sterling M2 the
biujd measure of money, rose
by. only 3 per cent in the
period.

- *• Given this monetary squeeze

in real terms, the termination
of economic recovery in Novem-
ber is nut .siiri’irii.ing," it says.

Hnwevrr, in ihe three months
to August 19S2. ihe broker says
Ml ruae by U p»-r cent in real
terms while sierimi* M3 rose by
ii per cent.

Tins faster monetary growth'
would have lo umiimit* for at

leave ai\ in un Uis f,»r there lobe
a -/lunitioiu Imp.ut on the
economy. Cierliuvil says.

lim it bdieves this is likely
on rhe e.ruiiiub: 1 1 ,:i i after a

period of cxcessivbly ugiit monc-

t:.rv null tv, uif a in hun lies nre
likely (u like a risk un the

iidc of overUiuminy targets.

Support tur ihe idea thal
rec.iiviy will .••iijii yet under
Way cuines frun: tin* broker
lliiare G.iivil in ns latest
Kcminmit- Uiiilituk.

Al I liiiiiL'h lln.uv CuVelT thinks
rlie imitu-duu- pru^pecti will be
tlr|ilVv»rU 111 uHlhllirinj World
re* •■ssitiii. n expect - growth tu
be r-ileuci! later ilu% year and
lu :ici e/era le ncM tear, with
per > cm in* n , :'%e m real am-
pul iur 1 USi: 'Minparcd vritii
I iii:2.

Kriwe a i ii] Pnin.in. however,
lakes j |r-.-. - nine view in it*
Si plember Hi.iih**; Kepuri. Tills
lu-uker lie 1 1 1 - vc* uni pm ilrs year
will lie mils a half per cent
higher l hail l:r*.[ year's level with
growth of uiil> 1.2 per cent next
sear.

oal

Moves to boost Welsh jobs

A PACKAGE of unusual initia-
tives tn boost local employment
opportunities has been launched
by ihe West Wales county of
Dyfvd.

One scheme aims at halting
thf downward trend in appren-
ticeships. The council is to offer
a training allowance of £780 in
ihe second year of apprentice
training io employers who take
on additional apprentices.

Another initiative is to en-
coi.rnge the employment of
young people for three-year
training in craft industries such

as pottery, dyeing, weaving,
wrought iron working, wood
carving, or wood working within
the county.

The count)' council wflJ also
be promoting a recently-
launched small firms wages
subsidy, financed jointly by the
county council, district councils
and the European Social Fund.
It provides a subsidy of 30 per
cent of the actual basic pay of
each individual new permanent
employee (who was previously
unemployed) for the first 26
weeks of the job.

COMPANY NOTICES

: •. •• in ’ •

1 ' *' % ■

. s' • „■ : .a

# WT+

are

than to

other state

NOTICE TO HOLDERS. OP EUROPEAN. DEPOSITARY RECEIPTS (EDRM IN

TOPPAN PRINTING CO., LTD.

Farpn-r tp our notice ot Juno 2. 1982. EDR holder* ire Informed that Tooni'
Pnn-.ini Co l>4S oJ*d a di»Wcud ib holder* of record Mar 31. 198S. The
<jsh o-vidcnd payable »s Yen 4.5 ncr Common Stock of Yen so 00 per share.
Pii'inani IB clause B of the Terms and Conditions, the Depositary Jm*
arufried ihe r.c! amount, after deduction of Japanese withholding taxes, into
United SlWcs Dollars.

fcDR holders mar now present Coupon No. 1 Sir payment to the onaer-
rr.cntioncd oaedt*.

r.ivmrfi! of i hr ditoJend mil ttv 4 T5 H * wrttiho/riing ux Is subject to
rr;piP“ bv I he Depositary or rtic Aflcirt of a valid afhdavit of midencc in a
having a M« frraly or jgrrrniMt with Jaoan Qiving the henent of the
withhold mg rale. Countries curvcntiy having such arrange menu are
as toiiows:

A R *>l Eorot F. R. oi CermatY The Netherlands 5®* 1 "

Australia Finland Nr** Zealand jwrden

E.liutn France Norway SUSSs l...

r, Tii Hungary Re* 1 of Korea United Kingdom

CsV.,tia Ireund Romania U S. of America

Crr-heij'n.ii.n Haw Singapore Zambia

ncnm.iri

F. R. oi CermatY

Finland

Franc:

Hungary

Ireland

Hai«

Malaysia

The Netherlands
Nr»* Zealand

Norway

Re*> or Korea

Romania

Singapore

Failing receipt or « valid a«*da*lt Japanese withholding ran »H he
(•rdurtea ar the rile Oi 20"i On the gross dividend dimUc. The full rate
01 IO"» will also t» applied to any dividends unclaimed alter Oecemoer at.
ivnj.

Amounti naratle I" respect of current dividends.'

1 Dividend payable Dlviornd payable

Coupm NO 1 _

r DR Gran

dinn r .nation Dividend

1. 000 shares SI 7. 14

Depositary:

Cifii-ani N.A.

::c. Str.-.nd. London WC2R 1HB
S* P'.rTiSrr 23. 1D82.

CANON INC.

NsillCL IS HEREBY GIVEN that at
.1 h'lviina of uie Board of Directors
cf *n.- aeon 1 Companr hp>d on .nd
'um .t nas resolved to mate

ii et a;',r ifculign to ilureholdcrs of
COn.r.io-. iha-C, of Yen 50 each, hv
me d ,->.(! I. .at 10.1 _from receives e«ec-

|Ar I*; I ul* IJfta.

Til.- Ni-«V Sha-ci Kin he allotted 10
J.-'S lUPHTidS on the Share
Kicn-'.'.rr at pic i'OSC of huMPess on
ji'in iur*. I-T82 m the ra*io of OI
..: a ii**. ,-ia.*v for '**■•'> iflart l»eld.
nr $ mi. .an- coual to outstanding

* , '"i lo'ri.-r ; of EUROPEAN DEPOSI-
T4«f KLCLIPT5 TO BEARER {SHARE
FDR i Wi'h-ea !0 Cia.m tnc.r entiljr-

T.tfT. '.fiCkUC* |V«C"l CfJuPui' No jQ.
m :n.~ e'«n.r el HttL SAMUIL AND.
CO LlMllbt. 4; ■ CEECH STREET.
LJl. CON EC.'P ai\. Where I'Stma
•i> im irp ,it4»(43JC Oi RANOUt
IKICKNAt ICV.TLk A LUXEMBOURG,
i. IIOULLVARD ROYAL. LUXEM.
IIOUFG

|,V||.-<|. rf BEARER DEPOSITARY
KECCIPiS iSll^RE BOD «.rth.ng in

f-.r' - e-titiemem should present

C-i iron Na tfi at the dmcc nl HILL
vtMUCi AND CC. LIMITED. 45.
RltCIt STREET. LONDON ECrP 3LK
h'ic'c farms arc aiailablc. or.

ALSEUCNE SANK NEDERLAND N.V..
:•?. vii- L :iiKaa>.

.tv-.!— i 1 ill.. Hi-'.lfld.

CillGANK, N.A.,

Hi. tsaii S:r-;ct. New York.

■«>. iroi S. U.S A
I-OClTTE GENERALE.

PonJivard HJL-lfhtann.

P.-.r.' ? Francn.

1HL ‘UJI BANK LIMITED,
Ir.vnermannsti-aise 5.
d Uu;s — icr*. Germenv.

KKECilfBAfvC SA.

L'JXEMEOUkL-EOISE.
a: rnuT-'-s sov.ii Lusembou* g.

Tv H •-•ar-natio" m*» hn oMainwi

*lW..

HILL 5-iMiJf L AND CO. LIMITED.

J: 0.."l‘ Cfrre}
l-v'-n'i fCTR 2LX

ART GALLERIES

JOHN SCAT — RC-'Ml Palnfngs. 11-30

FfLlOBORNC. CAfcLIRICS. 6|.
r.-nvr NWS • OlhSS 3000. SELF POR-
t HA US Ci HA. i

UKEJVtir ® DARBT. IP. L»**.

hi- 1 l-i VOB4. NlCh IOHNSON 5 FARM.
Kaai _ uuJaturn. pa I mi has and

v. HITFLH APEL. ART Call CRY, n -JTY
OI 1? ALiaale Ertl To Sent.

5in CHit:;re?HrR wren sun-Fr, it.

V.l. la - 50. I Cal IfiH'HiOn ■

»■ CKveim sop Tier o" Moiui»»» j

1

NfW GRAFTON GALLERY. 4? DM ffn-d '

«• IV> 4^" iBW. JANE DOWLING: ■

■««**.*"{ Fa IKiftwf . I

less 1 5“|» Japanese less 20"* Japanese
withholding tax withholding ux
114. 57 SI3.7I

Agent:

Citibank {Luarinhourat S A.

1C Avenue Marie Theresa

SPANISH 4”. EXTERNAL LOAN

119741 ISSUE

The rouoons due 1st October 1982
may ne presented for payment at BANCO
EXTERIOR UK.. 60 London Wall. London
EC2P 2JB. between tbe hoars of 10 a.m.
and 2 P.m.

London.

20th September, 1982.

TRAVEL

EUROPEAN AND UK HOTEL
RESERVATIONS TO SUIT
YOUR COMPANY BUDGET
2. 3. 4 OR S STAR HOTELS
JOHN WALKER RESERVATIONS
35 Harrington Gardens
London SW7 4JU
Tel: 01-370 2702/01-373 0681
Tglax; 291446

CLUBS

1 CVe has outlived the others because of a
policy of fair nfav and value far money.
I Suoprr from 1 0-3.30 am. Disco and too
; musicians, giamoroi* toneiici. exciting
; floors hows. 189. Rodent SL 01-714 05S7.

CLASSIFIED

ADVERTISEMENT

RATES

S'ng.o

Per

eo.’umn

unm

cm

Ctfmn)Mt..ai & Induiirul

l

£

Proporty

SCO

27.50

Residential PiDDtftv

6.00

20 00

Appnm t manta

Skinless. Huunwni

s so

29.00

Onpo::unitiPs

Eu*..ness for Safa/

S 50

29 00

Wanted

8 SO

29 ca

Personal

6.00

2000

Motor Cera

6.00

20 00

Hornfs & Ttavol

600

20 00

Contracts i Tonderg

3.00

2“ SO

BobL Pohiislicfs-

—

net 12.00

Pramivm positions available
(MminHim tin 3D column cm*}
Cb.oo par single column cm extra
^or fLUhar efrUt.is wr-:f to-
Classified AdvritlMuncol
Manager
Financial Times
10 . Cannon St reel. EWP 4 BY.

■■4

' : \vV^ Vi 5 fv-’v

■ v: ?*(*«&:*[

■ -r ■PSWJvj’.

p. 7 ' ■ <i

. .*» ; -r. l?

liirk. Right, Newark

t* « - \ < ■■■v

■8Y. a| vJk*-"'*'.

Surprised?

Most people think all there is to
New York State is New York City. Of
course-it is the business capital of
America.

The truth is, this magnificent city
is only part of New York State-
124,000 square kilometers of land in
the middle of the world’s richest con-

an hourly wage below the national
average.

New York’s innovative tax credits,
financing and labor training pro-
grams stimulated their growth.

With all this going for business, no
wonder so much business is coming
to New York.

To find out more about why your

sumer market To find out more about why your

In fact, within 1200 kilometers (one products should be made in New
day’s trucking distance) you’ll find York, fill in the coupon below.

52 % of the population of the U.S. and Or call Richard Kilner,

Canada. ourDirector

.f;-; : j A’&jr.)

Canada.

Incredible.

No surprise then, that in 1981
more companies from around the
world came to New York than to any
other state in the U.S.

They found plentiful fuel and water
supplies, and abundant urban, sub-
urban and rural plant sites.

They utilized a labor force 15% ^
more productive than the
national average-yet at

ourDirector

for Europe, at i

01-839-5070.

(London).

> stP

>-V" iW
,<1*s vO V ,

I

S 5

vr-9.

.jf-

' N cS> J

K# dA-

6

Financial Times Monday September 20 1882

\VS

UK NEWS

Oil and gas licensing to
include auctioned blocks

BY RAY DAFTER, ENERGY ' EDITOR ■

THE Government is expected to bids now that the- British Gas- to pay fSm a time for blocks of
. invite bids, for a round of off-. Corporation, iri need of sup- their choosing ill part of the'
'shore oil Mid gas licences this : plies, has signalled willingness North Sea, the. same area likely
•'-'week- in the eighth round- of. to pay higher prices for natural to feature in the forthc oming
licensing. This will indude gas- auction. . . .

for the first time in a decade, Oil companies are already Companies, say they axe un-
IO to 15 auctioned concessions, countering any possible govern- likely to bid many millions
The Government is anxious to ment claim that "active bidding when they have had an
raise instant cash from these 'will signify the industry's opportunity already to. “buy" the
auctioned blocks, which are acceptance of the present tax licences for £5m apiece. .

. likely to be allocated in the system. Companies say they seek On tbe other hand, It is
New- Year. exploration territory in the hope known there was keen competi-

Applications for most of the the tax rate will be lower when tion for some of the self-chosen
■ 150 to 200 blocks on offer, how- they are ready to exploit new blocks. The Government felt
ever,, will be. considered in the discoveries. then that companies were p re-

traditional way, on a disc-re- Ur George Williams, director pared to pay more than £5m for

tionary basis taking into general of the UK Offshore some of the more prospective

- account various factors such as Operators Association, said at licences.

• bidders’ technical expertise and the weekend: “We think Ministers hope exploration

financial standing. exploration should, be at a information in the past couple

The Government hopes to higher level. Naturally, every of years will have revealed
licence about 85 of the blocks, time an exploration round particularly attractive blocks,

which are on offer in various comes along we welcome it.” ' which could trigger bids

Strasbourg
to decide
on sacking
payment

Aberdeen shares in fuel oil

L’U

By Raymond Hughes,

Law- Courts Correspondent

trigger

parts -of the UK continental. . How much the companies will appreciably in excess of £5m.

shelf. The industry expects a be prepared to bid for the. Bidding, however, . will be -
keen response to many of tbe auctioned blocks is, however, -conditioned by present rules,
offers, particularly those in the far from clear. In the previous These state ' that companies

North Sea.

far from clear. In tbe previous These state that companies
licensing round the Government must continue to pay all off-

Blocks in the gas-producing . raised £2 10m through tbe shore taxes on their discoveries.

area of the southern North Sea award of self-chosen premium irrespective of how much they

are. expected to attract many blocks. Companies were asked pay in an auction.

U.S. urged to relent on pipeline

BY MAX WILKINSON, ECONOMICS CORRESPONDENT

THE U.S. will come under view that in this case. European Monetary Fund. This is now con-
further pressure this week to commercial interests should .sidered particularly urgent
soften its attitude towards Euro- take precedence over more because of the threat of ah inter-
pean involvement in construe- general East-West strategic con- national banking crisis,
tlon of the trans-Siberian gas si derations. After its reluctance earlier

pipeline, when Sir Geoffrey The pipeline is being built this year to agree to any increase
Howe, tbe Chancellor, meets Mr with the help of several Euro- in the IMF's quota subscriptions
Donald Regan, the Secretary of pean engineering companies, in- (its main source of funds), the
the U.S. Treasury, for- talks in eluding John Brown Engineer- U.S. is now proposing a special
Washington. mg in the UK. crisis fund to cope with world

The meeting is scheduled to However, important parts for - financial emergencies. It Is also
take place ' as part of a three- the turbines used for compress- talking about a ■ substantial
day visit in which Sir Geoffrey ing the gas were supplied by - increase in quotas of perhaps 25
is due to give a number of General Electric, of the U.S. (no per cent
lectures m -the States. - connection with the UK General- - Sir Geoffrey has. been. one of

Tbe pipeline question, which Electric Company). These tur- the main mediators seeking a
was discussed forcibly by the bines have now been shipped compromise between "the "pre-
U.S. and its European allies at to the Soviet Union in defiance viously strict U.S. position and
the recent Toronto meeting of of the U.S. ban. demands from the Third World .

JUDGES of the European
Court of Human Bights will
meet in Strasbourg on October
1 to decide whether to ap-.
prove the £145,000 compensa-
tion offered by the UK
Government to three former
British Rail employees;

The employees were sacked
in 1976 for refusing to loin
in a closed shop.

The court wili sit in private,
without- the parties or their
lawyers. It is likely to be
several weeks before it an-
nounces its decision.

.. At the end. of a five-year
legal battle, the court ruled in
August last year that the sack-
ing had violated the .men's
right's under the European :
human rights convention, and
they were entitled to corn-
pension from the UK Gevem-

■ ment —

Subsequent negotiations be-
tween the Government and the
' men's lawyers led to the three

■ being offered a total of
£145,000 Including costs.

All three rejected the offer.
They complained the compen-
sation related only to material
losses— such as earnings and
pension rights— and did not
include “ moral damages " to
compensate for the stress and ’
anxiety- caused by the assault
on their basic human rights,
and by their battle on behalf
of an Important principle.

They also said the £65,000
allocated for costs was .
inadequate, because it would
not reimburse the right-wing
Freedom Association all the
money it had spent in back-
ing their long fight
- Their eomplaint— to - the j

SERVING the North Sea oil in-
dustry has. brotight.pjrofit and a
bustle of activity to the port of
Aberdeen. The quays throb
with multi-coloured supply
boats, all brawn- and business,
loading up with pipes, drilling
mud, cement and supplies for
the offshore platforms.

On one average morning last
month, 21 ships and boats were
in the harbour. Among them
was a mustard yellow monster
of a drring support vessel, an
awkward-looking craft with a
helicopter pad on its bow and
powerful red fire-fighting
nozzles amidships. It costs tens
of thousands of pounds a day .
to run and its owners were im-
patiently awaiting the start of
-the nest-contract

Aberdeen must be one of the

Mark Meredith looks at a port

Chevron, Shell, Texaco,
Total— lease parts of the Quit

r>#ln fAH fKdi r AiinMkKi a **v

- side for their supply operatioS . J
as do two snedflllst nil- .-il 5

thriving on activity in the N. Sea ing companjSsf Seaforti S B5fl“ t, i

time and the John Wood group.-

H! C

rk:. ' ii*

PORTS
IN BRITAIN

Other ports in Britain would
be happy to take some 8 r
Aberdeen's problems on board
The port Is fighting to overcome
a bad name for congestion—
a reputation which spread
through the seafaring world in
the 1970s while extensive altera-
tions were under way. There
is room for all comers how, the
harbour board says.

It is also trying to win back
fishing business which has left
for other ports. Most of the
fish processing industry for the
region is based in Aberdeen but
tbe temptations of non-national
dock labour scheme poets such
as Peterhead and Fraserburgh
to the north, where fishermen
can off-load their own fish, has
led. to a gradual erosion of the
number of fishing vessels using
the port.

few harbours in Britain which
has recently hired dockers.
While other ports are shedding
their workers.. in the face of
declining business, Aberdeen'
has taken on 12 more to bring
its workforce 'up to over 130.

. Avar TMjftor

Aberdeen fishing fleet

But a £3m investment by the
harbour board in a new. fish
market completed in 1980, and
a long-term working agreement
between the fish porters
off4oad the crates of fish, an
starting to lure back some oj
the lost businessness, John
Turner says.

The fishing boats congregate
in the Albert Basin between
the River Dee and the Victoria

After a bad pahfh T of labour put too many eggs In one basket port authority jpoinls, out, have _ Dock- .But their numbers have
disputes last muter, the and does he not fear the day increased in the' past few yearn dwindled to about GO.

dockers bare now. signed an when petroleum interest wanes at a rate below the level of

agreement with their sieved or- in the North Sea?

inflation.

. A large recently-refurbished

ing employers lasting till 19S5. The former master mariner me (MAL uoiiuiuu a icvuiu infamoHnival n._j. •

Aberdeen is. also, a co miner- and navigation - officer with tonnage last year of 2,299,000
ciaJ cargo port, with roughly 50 Cunard wilT tell you he is not tonnes and increased its opera t- 1Tamc a

per cent of its revenue coming worried. Oil companies have .ing revenue from £5,658,000 in Wl ™ ■ IK>rraeni . es '
from goods and passenger signed long leases' for harbour the previous year to £6.130.000. Aberdeen is less wonted

The” port 1 handled a record £ SSSEJSft
nrnage last year of 2.299,000

innoc nnii inn-pawl its nnerafu deen S <®ly passenger traffic 18

from goods and passenger signed long leases' for harbour the previous year to £6.130,000. Aberdeen is less wonted
traffic. Another 12 per cent of space which show their long- Its net surplus increased from about the loss of cargo to fl*

its revenue comes from fishing — range confidence In the need £642,000 to £863,000 over the south which plagues the other

nearly three-quarters of the for continued North Sea ser- year.

big Scottish ports such as fee

fish caught in Scotland pass vices.

The. oil companies operating Clyde, the Forth and Dundee.

through the port

But the search for new non- offshore . -look to Aberdeen to. Its interests are sufficiently

But the growth of the oil in- oil business is a vital- part of set up. multi-purpose supply specialised with an oil-serving
dustry has had its most -pro- port activity. The port wants centres. Ifs called “one-stop hinterland as close as the
"found effect oh the outlook' and to' expand its^ passenger and -shopping," for- where -time - is trial estates in the city suburbs.

Fnrnnean Human RiwhK CVim iiHJUu eneci on me ouuook ana iu expauu ils-- luracuger <mu auuppiug, 1 wucic uwc -

S t^^TrSii"' appearance of -the harbour and general cargo activities making money, supply ships serving a It also has traditional ties as a

accounts for some 38 per cent use of its floating roll-on/roll- platform at sea need a fast port serving the prosperous .ir-
on stony grouno. me commis- _ r off which ^ be moved turnaround. Drilling mud and Grampian farms.

International Monetary Sir Geoffrey's aim will be to for a doubling or even tripling

Fund and World Bank, will be persuade the U.S. Administra- of the fund’s resources.

one of the main topics to be tion of the folly of its decision Although this ■ gap

presented -by Sir Geoffrey.

There were indications in companies involved.

to take retaliatory action against narrowed

Toronto,

Geoffrey will this week be seek-

Toronto that at least some mem- Sir Geoffrey and Mr Regan ing to close rt further in Ihe
bers of the U.S. Administration will probably also continue dis- hope that detailed agreement

would like to find a formula for cussions, started in Toronto, can be reached at the Fund's

defusing the dispute and giving about the need to increase the next interim committee meeting

at least tacit recognition to the resources of the International in the spring.

GLC industry
chief criticises
enterprise zones

Food consumption sharply
higher in second quarter

By Alan Pike, Industrial BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT

Correspondent

SERIOUS DOUBT about the 1

value of enterprise zones is ex- f °° d m the sec ® n(1 quarter of P great •

pressed in a report to the this year rose sharply in com- The survey shows milk con-
Greater London Council’s parison with tbe first three sumption slightly lower in the
industry and employment months of 1982, according to second quarter of this year than
committee. the National Food Survey pub- in both the first quarter of 1982

industry and employment months of j
committee. the National

Applications closed last week lished today,
for 11 zones to join those al- The surve

and the corresponding quarter
of 1981. However, families

tor zones io join mose ai- The surve y, based on data

ready set up by the Government, supplied by 2,155 households, w * re . buying more cheese and
One of the original zones is in showed ^ ^ yolume food substitute nulks, such as
London, on the Isle of Dogs, but bought in second quarter skimmed milk.

Mr Michael Ward, chairman of of ^ some 4 pg r • Consumption of margarine—

the committee made clear at cen t higher than in the first particularly the soft variety-—

the weekend that the council quarter
would not welcome another. H

also rose in comparison with
the same quarter last year. This
almost offset a decrease in

Mr Ward said the GLC did.not However, the increase was ,

see the advantages of enter- partly due to the disruption to hutt T" n v

prise zones, especially in food supplies in the early part ““"fj

London. of this year because of the v rriTl^ jfrlJ

London.

The survey also showed that

It seems to „s tha, another .eee“re VrtSt tovatao’ “SWEftlBS

AV hcriilb IU us Li id l bUIUUICL wutuj wtrouici . rcuuc j.h

enterprise zone in the London terms, the second quarter of f ® “ e n ™ on le n f J

ar».i fur frown n-p.itinp enmp 1QR9. thnwdri a A Q nor oonf in. 0f 9.57 Ounces per peTSOU per

area, far from creating some 1982 showed a 6.9 per cent in- ^

kind of bustling booming home- crease over the first quarter, ^£lp' s ^ le oi C itfc^? 15,tl0n ° f eggS
grown Hong Kong, would with average expenditure of * i on

create significant problems for £8J4p per head per week being

™ for — «P — ^usehoSTe? wasto £n£&

bU In 0 ihe l Isfe o^Do-^'one. said The Aprilto June food higher in the second quarter
Mr Ward u anni-m-L-d that of ex P end 'lure tlus year was also than in the first three months
0iBh. “cri0 U ; apph^Tn^ onlj some TSp - or 1U.5 per cent - of this year. Vitamau C in par-
one came from outside London, than in the second ticular was more plentiful in

The Gorcrnincni launched q^rter of 1981, while the the household diet

enterprise zones in IPSO based
on the theory that scrapping
planning controls and intro-
ducing rale exempiinns and
other inducements would spur'
economic regeneration.

Fine Fare to aid child charity

BY DAY1D CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT

INTERNATIONAL BIDDING

ONE OF the largest-ever sales branded soups, biscuits, coffees,
promotions in the food trade Pet foods and other goods.

BERTQL S.A — INDuSTR/A. COM-
ERCIO E EXPORT AC AO. loroseoinn
ihe implantation al an industrial
unit located m P.viso Fundo RS.
it. mtorested in acquiring machmos
and cquinmonl lai the extraction
of vcrjetablo oils.

The purpose o! this communication
is to invite interpsnd parties to
present !hc>r pinpoints m writing to
the fallowing address:

Radavia RST

153 KM 2 VILA NOSSA SENHORA
APA RECIDA
PASSO FUNDO
RIO GRANDE CO SUL
CEP: 93100 BRAZIL

aimed at helping charity' will ®' or evei >' label collected tbe

be launched this week by Fine sponsors will donate 2p. Fine
Fare, the supermarket chain. Fare will double the donation

The stores group has joined « iJSjSftiff

some major food manufacturers the JabeIs d d lh

to try to raise £200,000 for the
Save the Children Fund. This
chanty supports more than

Mr John Allan, Fine Fare’s
marketing director, said:
“families are the basis of our

500.000 children wordwide. In bl T“ ^ wa ^

the UK 10,000 children benefit Sfnldlfte” hdp SS! nSo

daily.

Fine Fare's customers In its

have no families."

Fine Fare is printing about

400 stores can collect labels or 8m leaflets to help customers
tops from the 150 well-known to collect the labels.

sion decided that the Govern-
ment’s offer represented “just
satisfaction" of the men’s
claims.

The Strasbourg court has
now to decide whether it
agrees with the commission or
thinks the Government should
increase its offer.

One - of the three men, Mr
Iain Young, a former BR
clerk. Is not optimistic about
the outcome.

He says, "The government
made use of ns and our case In
the last election, hot then
fought ns all tiie way in
Strasbourg, and is still not
prepared to admit Its guilt by
offering os moral damages.”

Mr Young, who claimed
£24,708, was offered £19.626.
He says the government
Increased the costs of the case
by having the hearing post-
poned. hot would not cover
the extra expense to which the
three men were pot by the
delays.

Since his sacking, Mr
Young, 27. has graduated as
an LLB. and is now a full-
time law student in London.
He hopes to take his final
Aiaminu d u M i next year and
qualify as a barrister,
specialising, if possible, in
maritime law. In recent vaca-
tions he has worked as a ship's
purser and as a shipwright’s
labourer on Clydeside.

Mr Roger Webster, 68, who
was offered £10,076, is more
optimistic about the outcome.
“I don’t see how the court
can fail to award ns more,”
he said this week.

He has asked the court to
rale that he should either
have £20,000 moral damages,
or Increased costs to cover the
£15.000 to £16,000 shortfall he
calculates each man is
suffering.

- Mr Webster complains at
the government's refusal to
aceept the idea of moral
damages — which was always
the main plank of his claim,
because his own material
losses were negligible.

What the government did
in its offer was to add to the
sum for material damage a
figure of £10,000, of which Mr
Webster’s share was £2,000,
for what was described as
“non-pecunlary less.”

Mr Noel James, 52, is still
unemployed, as he has been
since he lost his job with
BR six years ago.

He was offered the largest
sum of the three: £51.215, He
has asked the Strasbourg
court .to award him additional
mqral damages and increase
his costs figure.

of its income.

Look at the oil supply boats, into any dock space and adap- cement -can' be pumped from -- Tbe strength of the hartraur

flESSMAN

many parked two and three ted to all ro-ro ship configure- dockside silos under the quay means that while it is ready ta.
abreast in the harbour, and ask tions.'..". ’ Z' straight into tanks in the boats’ look at the problems it bas in'.

-John Turner, the general mana- The best gauge of-the port’s holds While lengths of pipe -and - common with other Scottish

ger of the Aberdeen harbour prosperity has been its fees, other heavy equipment is being ports, it may be less willing to
board, what will happen when which are lower than many of loaded- with cranes.- • • act with them to stem lost. bast

the oil bubble bursts. Hasn’t he its competitors' and .which, the The oil majorsr — Amoco, ness.

Trade fears oyer XJ.S. shipping deals

BY ANDREW FISHER

THE GOVERNMENT is wor-
ried that UJS. shipping deals
under discussion with develop-
ing countries could seriously
disrupt free trade in the
industry. It plans to increase
pressure bn the U.S. adminis-
tration to reconsider Its
policy.

Shipping, which is in a
worldwide slump, contributes
over £lbn to Britain's balance
of payments each year.
Bilateral deals like those the
UJS. is contemplating would

hinder access to international
routes.

A large part of UK freight
earnings comes from cross-
trading between non-British
exporting and Importing
countries, so the eventual
effect on British companies
could be severe.

Bilateral deals are under
. discussion between ' the ‘UJS.
and three developing coun-
tries— Indonesia, the Philip-
pines and South Korea. If
signed. Such agreements
would keep ships of other

countries, like the UK, out
of these routes. :

Developing countries are
keen to gain a greater share,
of trade on their own routes
for their own fleets. The liner
code Worketiont by the United
Nations Conference on Trade
and Development (Unctad)
aims at achieving this on
scheduled cargo routes.'

Likely to come Into force
in -1983, It would allot 40 per
cent of the trade bn such
routes to ships of tile export-
ing country, the same to

ships of the Importing country,
and the rest to cross-traders.

The U.S. is against the code
and wants to make its own
bilateral deals with develop
Ing nations. Britain intends
to ratify the code under the
provisions of the Brussels
package which would avert
protectionism in developed
countries’ shipping.

The EEC, Finland, Japan,
Norway and Sweden had talks
with the UJS. on the issue In
June and more are planned
for November.

•- i.r-

• : v.:ti

■.

■■ ti

■ ' «!"**’:

• "J. tv

r.»:t V

.

• -• •- • — -

. . . 1 . .* Jy

THAI

. • ■ i ■* > %

Bentham pipes up for diversification

"roan ’ ’• Lome Barling reports on Bentham Tony .® den ; t J i !? saiw

ma n ag em e nt buy-out in 1980 '£■ • ■ tL • V?- . manager, said: - Being ^

helped start a penchant for such . IlltelTiatlODal tWO years after the DUy-OUt ' . dependent, we are not tied to

deals in Britain, was exemplified , n , _ . .

last week by Mr Ian MacGregor, Industrial Finance and County frame in one of the existing JJT p *°® 5£L«

Ttanir ■ fficinnr huiuimix! able to discuss with customers

Lome Barling reports on Bentham
International two years after the buy-out

chairman cif British Steel (BSC), Bank.'

as a company which understood

Frank " JoWett,

factory buildings.

how we can provide the right

“tbe challenge facing British Bentham _ managing director, investment by the company is

The latest quality-control product for their purposes."

industry.

admitted that: toeJtoiryear plan jn automated X-ray equipment He claimed that no single

N!) M

For the management of the t0 check an increasing Pipe mill in Western Europe

Gloucester-based company, this n ij ad , wrecked by requirement illustrated by tire could offer such a wide range--
was high oraise .5 MacGremr San^m mwket conations, need to X-ray 2.000 fiietre from basic stainless to bigb-

was high praise. Mr MacGregor 5,,* h. V neea “ Z 6-metre trom oasic stainless to mgn-

chauSL 'Tt MU* Stl" of. pipe, for a Saudi nickel _ anoy, cupro-oicM

CMC) a. a ™rnn?nl w m,£ “???"! lability. Arabian order.' The demandsof >Uoys. proprietary steel and

iSo^ - ftfSSSuJftS and by delivering on time— the nndear-related work are TvS UfimiumT '

understood “ fhp ehallpnpp far- — J “'tt 6 ^ nuciear-reiaiea wore are even

^ BriSindurtx?" company had ;b^un-to make a more stringent; Materials have

na “ e . fo ^ itseif world to be kept in a bonded store

Bentham has also achieved
versification. It had been

For the management of the markets. before use to ensure a record diversification. It had been

Gloucester-based company, this In its first full year, the com- of sources and quality in case realised for some time ihat

was high praise. Mr MacGregor pany made- a profit of nearly of failure. • equipment was flexible enough

added that BSC needed every £80,000 on a turnover of about - The company's other big in- £ or other Products. Applications

customer it could get and Ben- S2m. It expects to do slightly vestment is a new 1,350- ton • e bee ? mainly in the
team's expansion fuHy justified better this year, on about the brake press; supplied by the ? on f tru< *icm industry, for which

Midlands company

his visit. same sales volume. Midlands company Bronx J* “ making high

Bentham, which employs 56 * company’s jtrenuous Engineering, which will, allow ^

oole. has recentlv invited ^°rts t0 meet increasing sped- the. production- of Bmetre nine SfA^?," prodllcts

people, has recently invested ' Bmetrepipe.

about £750,000 in equipment to !ZTL*LJ&L; SS&. ^ developed.

Bronx ^ ** making high-specification
allow sections. Plastic-coated

p codding -products are being

SSea se "tee m3 North Sea, petrochemical plants standard -tA+ZOEi

are _ quwiqr ana -nd nuclear howpt ■ rttatinn*? — , -

quantity of ti* fugb^pacifica- bS^n^rtS?^ “ stt ^^“a

SLSS. *Ln*!=RJ5i

»>"='!«

industries an.d nuclear, power ^ manager tinslwS some- -!* ?« p,P i e orders from the Central

KSrffiS

SdTthe% e SSe£ # wS?ed?n bdfk^X^ ^ prodn^S

bought out- from- the Bwedisfa SBiSnf 3? Sra riS He also pointed

enmnanv. fi»nrivic. The 7nanrw»A. .u—~ i... a.u.n.. rr_ . . PW- cent Of produc- out that up to 70 tier cent of the

v-- ZLS£ff*""'r s *si

meat took a 51 per cent share - Dototed-eirt- let- *2®* went on raw

ment took a Si per cent euare - p&iDted-eut- that^te^-firat jet- -tee-MMWieTResrf 'S 515 "l 111 011

a^toe^of the^equitywas L-btoe,

divided. eguaHy by.Midlaitd Bank .Whittle, was fitted to an air- trying- to break- into -the U.S.

1 on the Continent It is now efficiency was vital to' remain
ing to break- into -the U.S. competitive.-

Fiaahcial Times Monday September 20' 1-982

UK NEWS

LABOUR

companies
given go-ahead for

contracts

BY ANDREW TATHLOR

LOANS totalling $21 Rm (£125m)
have been arranged by Lazard
Brothers of - -London for a
package of. four * Nigerian
development contracts - involv-
ing Simon Food Engineers,
Bad cock Electrical Projects.
CemeiHation-, International (part
of the Trafalgar House group)
and Paterson Candy Inter-
national.

The four ■ contracts, all . in
Benue slate, are for the con-
struction of- food processing
plants. 3 rural electrification
scheme, water supply projects,
and building a covered market
in Makurdi, the state capital.

The Nigerian federal govern-
ment has . agreed to . provide,
guarantees for the overseas
loans despite its ~ economic
austerity measures, introduced
earlier this year to combat Fall-
ing oil revenues.' This is the
.second major overseas develop-
ment finance . deal to be
approved by Nigeria in a
month. .

In August it gave the go-ahead
for two loan agreements .fotal-

- ling : $21?m which irere arranged
by Morgan- GrenfeB. • The deal;
was- to- help' finance the- British
share of - three • large water
supply contracts in Oyo state:

■. The Government is - under-
■ stood, however, to ' have put a
ceiling of 200m naira. ''(£17m)

' on the • amount each 'state is
allowed to raise in. overseas
development finance- .Benue
sta te, which has -been, a - rela-
tively low. spender ; to- - date,
com^s .within - , this ceiling and

was therefore. ablfr to get the
_ necessary. • guarantees.-; .--and
approval. * f

The deal comprises an £S7m
buyer credit supported by '.the
Export! -Credits Guarantee
--Department and- a 'commercial
Eurodollar loan of $67J}m.

The .package > ' has -been
-arranged, by -'Lazard . . Brothers
-with funds provided by Bankers
-Trust -Company, Barclays Bank
International,. Citibank . N A,
Standard and Chartered Bank,
Crocker National Bank,- National
Westminster Bank, Basque
Beige and Japan International

Bank

Buzby pulls Alston’s plug

BUZBY, INSTEAD of making
someone happy, has put a 'whole
town ex-directory at a stroke. A
British Telecom error omitted
600 subscribers at Alston.
Cumbria, from the newly-issued
Cumbria and North Lancashire
telephone directory.

Mr William Ball, a resident
and member of the Post Office
Advisory Committee, said it was

causing a lot of problems,
'British Telecom said the
Alston numbers -were omitted in
: error. .Nothing could be done
until the next directory was
Issued- in 1984. Business
numbers were being added to
the computerised directory used
by inquiry operators. . BT
apologised and regretted r'any
inconvenience.

Last chance
for Labour
right on
leadership

By John LM

A. LAST chance for Labour
-tight : wingerg to alter the
composition- .of. the electoral
college winch vote* to choose
the party leader and deputy
- leader win come up at the
party conference next week:

.. A constitutional amendment
calls for a 50 per cent .share
. of the college vote for MPs,
with 25 per cent each for con-
stituencies and unions! The
present composition is 40 per
cent for the unions, with 30
per cent each for the constit-
uencies and MPir

The amendment was sub-
mitted by the Union of Com-
munication Workers to last
year's conference. It is due
to come to tills Conference as
part of Labour’s national
executive' committee's report.

The executive is to recom-
mend to the. Conference that
the UCW amendment be re-
jected, in line with, the
decision taken on the present
composition at the Wembley
special conference last year.

The UCW has the right to
demand that the amendment
be voted on at Conference.
This raises the possibility
that right-led unions, such
as the Amalgamated Union
of Engineering Workers and
Usdaw. the shop workers'
union, which did not support
the 50:25:25 formula last
year,' would vote it through. -
. It seems unlikely, however,
that UCW intends to force
the Issue to a vote. Its execu-
tive meets on Thursday to
discuss the. Conference. It is
likely to be faced with a
recommendation from its
leadership that the amend-
ment be dropped.

Scottish pit closure move angers miners

BY JOHN U.OTD, LABOUR EDITOR

ANOTHER BATTLE over a pit
closure threatens to sour rela-
tions between, the National Coal
Board and the National Union
of Mineworkers further, when
wage talks, between the two
sides have virtually . broken
down.

The closure in question is of
Kinneil Colliery, at Bo’hea in
the Scottish Central region. The
NCB says the pit has . become
uneconomic because of geologi-
cal difficulties. .

However, Mr Mick MeGahey,
the NUM vice-president and
president of the Scottish. NUM,
has said the union would fight
the closure.

He said yesterday: *' We will

hot trade jobs for money. This
is now a national issue, and we
will not be associated with the
review procedure on it."

Kinneil takes its place beside
Showdown Colliery, in Kent,
where plans to cease production
in order to open op a new face
have also met union opposition.
The NCB has attempted- to per-
suade the mineworkers to join
the two management unions in
taking the issue ro a dispute
procedure — an invitation the
NUM has refused.

Mr Arthur ScargtiL the NUM
president, has warned that the
union will not take part in talks
with the board aimed ai
reducing the workforce, in

exchange for an offer nf en
increase above the 6.5 per cent
tabled last week.

Both Kinneil and Snowdon
will be used by the union to
demonstrate that the board
intends to reduce output. The
two sides meet again on Thurs-
day to resume the pay talks, but
Mr S cargill has already all but
ruled out any hope of an offer
being made which would prove
acceptable to the union's execu-
tive.

The NUM has drawn up plans
for mass meetings up and down
the country in the latter part or
October, to whip up support
among mineworkers for rejec-
tion of the offer.

9 Mr MeGahey Mid yesterday
that a. mass rally would be
mourned in Downing Street in
October hy representatives of all
sections of Scottish society to
express opposition to the
Government’s policies.

Speaking after a meeting of
the Scottish Committee of the
Communist Part}', Mr MeGahey
said that the rally would be
organised by the "triple
alliance" of coal, steel and rail
unions. The plan is to demand

10 sec Mrs Thatcher to proLeft

at the effect, of her policies on
Scottish industry. ■

He said: “We don't want to j
see ihe Tory monkeys, w warn j
to see the organ-grinder.” i

CBI backing for statement
on employee involvement

BY OUR LABOUR EDITOR

GOVERNMENT plans to legis-
late for the inclusion in com-
pany reports of a statement on
employee involvement-have been
broadly supported by industry.

The proposals, which have .
been the subject of consultation
over the past few weeks, stem
from an amendment to the
Employment Bill proposed by
Lord Rochester, a Liberal peer,
while the BH| was passing
through the Lords.

The Government has accepted
the amendment ip principle,
subject to approval by business
groups.

The Confederation of British
Industry (CBI), in informal
talks with the Government, has
said it will not oppose the
measure. It has been against
the inclusion in company
reports of any material not
directly relevant to the finan-
cial position of the company.

The CBI has recognised that

the Government is largely com-
mitted to the measure, and that
a move towards employee
involvement is valuable at a
time when more sweeping legis-
lative changes are being pro-
posed by the EEC commission.

More positive support has also
come from the Engineering
Empoyers' Federation, which
today -welcomes the proposal,
saying it would “make a worth-
while contribution to the
further voluntary development
of employee involvement on
lines desired hy employers and
employees."

The federation proposes ihat
the obligation he placed on each
company with more than 250
employees: that the legislation
he broadened to include state-
ments on the maintenance of
employee involvement pro-
grammes, as well as introducing
them; and that the law should
not suggest that employees must
always be consulted.

NUT calls for

/

extra state teachers

FINANCIAL TIMES REPORTER

A NATIONAL agreement on
staffing at nearly 30,000 Local
Education Authority schools
was proposed yesterday by
Britain’s biggest teachers’
union.

A claim, to be submitted to
education authority leaders by
the National Union of Teachers,
j lays down minimum class sizes
at state schools, and requires a
minimum of 60.000 extra
teachers.

It would cost around £350m
in addition to the present
i national IS.OOOm education
! budget.

| Mr Dong McAvoy. deputy
j general secretary of the NUT.
1 outlining the proposal at a
London press conference, said
yesterday that the cost of the
claim — “little more than z pint
cf beer per week per pupil " —
would be well worth while in
terms of the benefits it would
bring pupils, parents, authori-
ties and teachers.

Under the claim, maximum
class sizes, in line with present
NUT policy, would be 23 child-
ren in infant reception
classes. 20 in nursery classes
and 27 in primary anti secondary
schools.

Mr BIrAvoy called the fio.nofi
extra teachers a minimum
necessary io add to the present
teacher force of around 460.000.

Naval dock
workers
ready to be
re-deployed

By Our Labour Editor
SHOP STEWARDS at one of the
country’s biggest defence estab-
lishments have said they are
prepared to lose their jobs
under defence curs— provided
other jobs are found for them.

The steward?, at Rosyth
Naval Dockyards in Fife, told
Mr .John Silkin. the shadow
defence spokesman, at the week-
end that, a future Labour
Government musi have alterna-
tives to defence work ready on
its id urn to office.

They gave Mr Silkin a docu-
ment showing that investment in
non-defence work created more
employment than defence work,
and outlining alternative pro-
duction platu'.

Mr Siikm told them: “ 'While
we want to get nd of nuclear
weaponry, we still want to keep
defence jobs in this area." He
said ihe Labour Party and the
TUC were working on concrete
plans for switching defence jobs
into civilian projects.

Hope of better
prospects for farms

OPPORTUNITIES FOR agricul-
ture will be greater a> Bri< <ir
moves nut of ilie recession, pro-
vided the country ntaiutjln> its
productivity record and it'
competitive position, Mr Fetor
Walker the Minister of .Agricul-
ture said at the weekend.

British agriculture had come
through the worst recession for
naif a century, he said and
could claim to have done much
for the national economy

Think Tank cuts plan
opposed by Apex

A WHITE-COLLAR union is to
protest to Mrs Thatcher over
sweeping rh.m;?.* in public
services .si trues ted by the
Gioemment's ihink lank.

The AiSO'-lulion of Profes-
sional. Executive. Clerical and
Computer &;r»fT i Apex i believes
;he idea would mean its mem-
bers paying up to flO-u-wcek
more in tax.

According to une weekend
report, the proposals could mean
a K.miiy of four having to pay
£oftti m health insurance and
for each child's school

fpp«.

s

I

I

VSgTS i

ft

/

BUSINESSMAN’S DIARY

UK TRADE FAIRS AND EXHIBITIONS

Date . Title

‘ Current Financial Times Photography Exhibition (01-248

8000) (until Oct 30) : -

- Current National Bakers’ Buying -Fair (01-446 2411) (until

Sept 21)

Sept 21-23 Harrogate Fashion Fair .(01-637 2400) -..

Sept 26-28 British Footwear Fair (01-739.2071)

Sept 27-29 Construction Industry Internationa] Exhibition and

Conference (01-242 3771) .'

Sept 27-Oct 1 .. Furnaces, Refractories, Heat Treatment and Fuel

Economy Exhibition (0737 68611)

Sept 2S-Oct 1 .... Design Engineering Show and Conference— DES
(01-747 3131) : :

Sept 28-Oct 6 ... Good Offices Exhibition (01-631 4547)

Sept 28-Oct 1 ...- London- Business Show (01-647 -4001)

Oct 3-5 International Spirits and Liqueurs Trade Fair

- - (027 2 215206)

- Oct 641 — Fashion Fabrics Exhibition — FABREX (01-385

1200)

Venue

Stock Exchange

Barbican

Harrogate

Olympia

Imperial College, London

NEC, Birmingham

NEC, Birmingham
Cutlers Gardens, EC2
Barbican

Bristol

©lyznpia

OVERSEAS TRADE FAIR S AND EXHIBITIONS

Current International Autumn Fair (01-486 1951) (until

Sept 22) Zagreb

Sept 21-23 . Internationa] Exhibition, and Conference for the

Pharmaceutical, Cosmetics, Toiletry and Allied

Industries— INTERPHEX (021 384 3384) New York

Sept 22-24 • International Coal Technology . Exhibition and

Congress — Europe '82 (010 29 96 55) Copenhagen

Sept 28-30 ' International Petroleum Exhibition and Conference

OEPC (01-578.2700) . Denver

Sept 30- Oct 7 ... . International Mechanical Handling Equipment Ex-
hibition— INVIA (01-486 1951) Utrecht

Oct 6-Oct 12 World Fair .of Photography. Photo, Cine, Video,

’ Audiovision^PHOTOKINA (01-730 4645) Cologne

Oct 65 Toy ‘and Gift Fair (01330 7955) Hong Kong

BUSINESS AND MANAGEMENT CONFERENCES

Sept 21 lloare Govett: Financial futures for local author*

ties seminar (01-353 1090)

Sept 21-23 MetaJ Bulletin Congresses: . International

Aluminium Congress (01-330 4311)

Sept 21-22 Lloyd's of London Press: Charter-parties (01-853

1000) -

Sept. 22 Energy and Engineering: the market for engin-

eering equipment systems and services for

offshore structures (01-439 9021)

Sopt 23 SPI: The PIMS programme: applied strategic

planning (01-930 5055)

Sent 2S Orez IBC* Out, nf ' the jurisdiction— litigation with

an overseas plaintiff or defendant (01-236 4080)

Sent 29 Goodfeliow Associates: Management of Diving Costs

In the -80s (0224 20265 1

Sept 30 CBI: The management of change (01-379 7400)....

Snpl 30 IFS Why are cars so expensive in Britain: causes

and consequences (01-S2S 7545)

Oct i KPA: Industry North's fire problems (01-248 5222)

Oct 4-7 IFEAT international conference on essential oils

and aroma chemicals (01-486 6757) .-.

Oct 5-7 Imechp- International conference on diesel engines

for cars and light duty vehicles (01-222 7899)

Oct 745 Thp Economist: Can Europe stay in the biotech-
nology race? (01-839 7000)

net 7-8 DIBC: Sovereign loan rescheduling and other

issues in country risk assessment (01-788 1146)

Ocl 7-S Xephnn: Business Graphics (0628 74922)

Plaisterers’ Hall, London
Monte Carlo
London Press Centre

Albany Hotel, Glasgow

Inter-Continental Hotel

Portman Hotel. W1

Holiday Inn. Dyrp
Centre Point. WC1

Regent Palace Hotel. W1
Harrogate Conference Centre

Royal Garden Hotel, WS

London, SW1

Amsterdam

City Conference Centre
Portman Hotel. W1

Anyone wishing to attend any of the above events ra advised to telephone the organisers tc
ensure that there has been no change in the details published-

Financial Times Conferences

The Financial Times Conference Organisation announces two major events to be held in
I/ondon at the end of the year:

On December 1 and 2 the World Insurance in 19S3 conference at the Inter-Continental
Hotel. The programme dealing with statutory controls and other major issues includes
papers by Mr Edward Johnston, the Government Actuary. Mr C. S. S. Lyon. President,
Institute of Actuaries, Mr Ronald S. Skerman. CBE, Director. Prudential Corporation
PLC, Mr Gerard Imbert. Director of Financial Institutions, Commission of the European
Communities and Mr Julius Neave, CBE, formerly Managing Director, Mercantile and
General Reinsurance Co PLC.

The Annual World Banking Conference at Grosvenor House on December 8 and 9.
Mr W F. Duisenberg, Governor. Nederlandscbe Bank NV, Mr Harry Taylor, President
Manufacturers Hanover Corporation, Mr Peter Cooke, Head of Banking Supervision,
Rank of England. Professor Alan Walters, Personal Economic Adviser to the Prime
Minister and Mr Russell E. Harrison, Chairman and Chief Executive Officer, Canadian
Imperial Bank of Commerce, will be sunong the principal speakers.

Bavarian
drive and friendline
you conquer

.»»«.y *•--

Bavaria, our home, has a long tradition
in intsrnalional trade, and from this base we
have built our reputation as foreign trade
banking experts.

We are one of the largest universal banks
in West Germany, and appreciated for our
flexibility and friendliness. And we know our
market well.

This professional experience guarantees
you the best possible sen/ice and advica

A fl enquiries to be addressedta:

The Financial Times Limited
Conference Organisation
Minster House, Arthur Street
London EC4K 9AX

Tel: 01-621 1355
Telex: 27347 FTCONFG
Cables: FINCONF LONDON

.a

International Banking with Bavarian Drive and Friendlin

Ourfull ranee of modern facilities includes:

• Professional documentation and rapid
payment iransiers iS.WI.RT.)

e Export-import financing packages

• Client-oriented foreign exchange operations

• Advice on seeking new trading partners

• Easy access to foreign markets through our
international presence and connections.

Get in touch and put one of Germany’s top
universal banks to work for you.

/"v

CL

Girozentrale

Cert-at O'tics: Brier.n? r S'rasse 20. 3000 MQnchen 2, Tel.: <83) 21 71-01,1*1* <: 5 255 270, Cables- Baysnbar.V f.’u'vrh. Benches;
Lc--i^an.7eL:?t!'6-£0Z?:N^iv'ro'KTd ^O-GSOOiSrrvjapor?. t:L2336?&. Sue s Bv -c :e"ar c^afS. A,

Lu'O.Tiboura, Tati 4759 n-i. Representative Offices: Toronto, Tel: 66^-3540: Vienna, 7='.: 6S3141; jo^anriS5burg,7sL: 3331613.

i : .

I

A

s

Financial 'limes Monday September 20 1982

THE WEEK IN THE COURTS

Copyright and power oyer pirates

PIRACY OF video-cassettes has
flourished in recent years to
the point where copyright-
owners are complaining bitterly
that the law is woefully in-
adequate to produce any
abatement of a highly-organised
criminal enterprise. Apart from
one or two minor amendments
to the copyright law, the re-
commendations of the Whitford
Committee, which reported in
1977, remain unenacted. A year
ago. the Government produced
a consultative document hut no
legislation is in the offing.

It is not at all clear that even
the most draconian legislation
could put Into the hands of law
enforcement agencies any more
effective powers than have been
exercised by private owners of
copyright in the civil courts
over the last few years. Despite
a back-tracking in existing
powers by the judges of the
Chancery Division, just before
the summer vacation, copyright
owners have been deploying
such powers with some notable
successes.

Two types of orders from the
courts have been available for
some time. The first is the
Anton Filter order (named
after the case of Anton Filter
KG v. Manufacturing Processes
Ltd*), which empowers a copy-
right-owner to enter a
defendant's premises for the
purposes of inspection or re-
moval of documents and articles
alleged to contain evidence of,
for example, copyright infringe-
ment These orders are intended
to provide a quick and efficient
means to recover articles
which infringe, and to discover,
the sources from which these
articles have been supplied and
the persons to whom they are
distributed-before those con-
cerned have bad time to destroy
or conceal them.

The essence of the order is
surprise. Hence the order is
made ex parte— that is, at the

instance of the copyright-owner,
before the persons affected are
served with proceedings and can
be heard by the court So long
as the copyright-owner can pro-
duce dear and compelling
evidence of piracy of copyright
material, the courts have been
prepared to make drastic orders.

The extent of these orders
was inhibited by a decision in
April, 1981. in Ranh Film
Distributors Ltd V Video In-
formation Centre ( a firm) and
others, f The House of Lords
held that defendants to an
Anton Pillar order were
entitled to rely on the privilege
against self - incrimination, by
refusing either to give dis-
closure of documents or to
answer questions asked of them,
because if they were to comply
with the orders of that nature,
there would be a risk of
criminal proceedings against
them for conspiracy to defraud.

That was a big blow to the
efforts of a copyright-owner to
find out who was the primary
pirate, and what were the out-
lets of this flourishing illegal
trade. As from January 1 1982,
however, the law was reversed.
By section 72 of the Supreme
Court Act 1981, the privilege
was removed. At the same
time, the use of any incriminat-
ing statements was barred from
criminal proceedings. Armed
with this change in the law, the
copyright -owners returned to
do legal battle with the pirates.

In recent cases in the
Chancery courts, defendants
have not merely been subjected
to orders which authorised
entry to premises for the
purposes of search and seizure
of material which infringed,
those who occupied premises
but have had to supply
information.

The usual form of order has
been that the defendant has to
answer questions on the service

of the order upon him or her,
to indicate his or her assets and
their source. (In some instances,
the defendant was forbidden to
tell anyone but his or her law-
yer that proceedings were in
hand.) The defendant is fur-
ther ordered to confirm or deny
that information by swearing
an affidavit to that effect within
four days or so of the informa-
tion having been supplied.
Failure to give the informa-
tion, or the telling of a false-
hood. would render the defend-
ant liable to committal for con-
tempt

Judges have also been using
another development by the
courts, known as the Morava
injunctions — orders against
defendants to freeze their assets
in their bank accounts and
require them not to dispose of
their assets except for a limited
sum for expenses, until the
matter can be fully investigated
by the court

At the end of the last term,
defendants were even com-
mitted to prison for contempt
without having been heard, the
court being persuaded by
powerful affidavit evidence that
there had been a breach of one
of its orders. Then, in Warner
Bros Inc v Granby, Mr Justice
Mervyn Davies decided that this
was going much too far in the
exercise of such powers, with-
out explicit sanction from
Parliament Essential rights of
those accused of piracy of copy-
right material had to be pre-
served at the point where it
was claimed that they were
defying Anton Piller orders.
Apart from rare exceptions, no
one should be sent to prison
for contempt without an oppor-
tunity to defend himself or her-
self before the court

An attempt was made to in-
voke a 1964 precedent In
Wanoick Corporation v Ru&seUt,
a local authority obtained an

injunction ex parte to restrain
a circus operator from staying
on Its land and from giving
performances there. Although
informed of the injunction and
warned that disobedience would
entail committal to prism, the
circus operator gave a perform-
ance. He refused to give assur-
ance that he would not hold a
farther performance, and there
were indications that he pro-
posed to hold one. The next day
he was served with the order,
while the local authority
applied ex parte for his
imprisonment. The judge ruled
that, although the court would
not normally commit a person
to prison for contempt without
having heard him, it had power
to do so. Because the breach
of the Injunction was flagrant,
and a further breach was
threatened, he was committed
to prison. That decision has
been rarely invoked since.

The r eluctance of Mr Justice
Mervyn Davies to extend that
precedent to the pirates of copy-
right material was adopted by
bis fellow judges, who were no
longer prepared to accommo-
date copyright-owners to such
an extreme extent, although
they sympathised with the
predicament which film- com-
panies and others faced. At
least until the Court of Appeal
has heard fall argument on
such powers being exercised,
there is likely to be a lull
in such proceedings against
pirates.

If the higher courts do not
sanction these drastic powers,
the pressure on- the legislature
will increase. But toe Govern-
ment appears unready to legis-
late, although the absence of
new laws is costing film com-
panies many millions of pounds.
*119761 Ch.55: U1982] A.C.
380;. t [1964] 2 All EH 337.

BBC 1

TELEVISION

LCJWDGfU

6.40-7.55 am Open University
(Ultra High Frequency only).
9J0 For Schools, Colleges. 10.00
You and Me. 10-15 For Schools,
Colleges, mo pm News After
Noon. LOO Pebble Mill at One.
L45 Postman Pat. 2.01-3.00 For
Schools, Colleges. 3.3S Regional
News for England (except
London). 3^5 Play School 4J20
Puzzle TntiL 435 The New
Shmoo. 4.55 Newsround with Paul
McDowell. 545 Bine Peter. 545
Wiilo The Wisp.

Jus tinian

RACING

BY DOMINIC WIGAN

WOULD-BE supporters of the
Arc de Triomphe favourite
Assert should wait until the
day of the race before betting,
despite the strong dainta of
Saturday’s Joe McGrath
memorial winner at Leopards-
town.

Rarely, if ever, is the ground
in Paris anything but extremely
yielding or heavy on the first
Sunday in October, and under
those conditions the 5-1 avail-
able on the David O'Brien colt

would not be particularly
generous.

The Irish Sweeps Derby win-
ner triumphed on almost perfect
ground when French racegoers
saw him heat a slightly sub-
standard field in their Derby,
the Prix du Jockey Club, back
in early June, and in all his
other races bar the Irish Derby,
run on slightly yielding ground,
be has had good or fast going.

I have no doubt that if wet
conditions seem likely at Long-
champ, O’Brien will get Robert
Sangster to agree to switch
Assert for an alternative -finale
in the Dubai Champion .Stakes
at Newmarket. Even if the
going is no worse than soft by
our criteria, or good by French
assessment, I would not care to

bet cm Assert staying the full
li miles in what is almost in-
variably a fast-run face from
the outset

Latest Prix de l’Arc de
Triomphe odds read: 5-1 Assert,
8-1 Harbour and Ardross, 10-1
Glint Of Gold. Bikala and All
Along. 12-1 April Run and
Kalagtow, 20-1 Akiyda. Bon
Sang, and Touching Wood, and
25-1 Critique, Grease and
Lancastrian.

Today, it would seem folly to
oppose Silk Screen in Bath's
dosing event, the Sherston
Stakes. Last time out, the West
Hsley .runner might well have
caught Fitzpatrick in Salisbury's
14-mile Matiton Stakes but for
losing ground through racing
wide for most of the race.

Fitzpatrick showed tremen-
dous courage in winning Satur-
day’s Coral Autumn Cup, and
unless Silk Screen has deterio-
rated out of all recognition, to-
day's race should be a formality.

A little earlier in the after-
noon at Ayr, Golden Green
should- gain his revenge on
Hello Cuddles for a narrow
failure at Chepstow, where the
two sprinters were separated by
Sano.

BATH

2.00— -Bollfn Hand

240 — Jttnnz

3.00 — Shiplake

440 — Royal Kingdom**

430 — Silk Screen*

EDINBURGH
3.15— Golden Green***

5.40 News.

640 Regional News Magazines.

6L25 Nationwide.

6.55 Angels.

7-20 The Wonderful World of
Disney: “The Young Run-
aways "—first of two parts.

8 JO Panorama: “The Uneasy
Alliance” — between the
Liberals and the Social
Democrats.

Chris Dunkley: Tonight’s Choice

The difficulty tonight is in deciding what not to watch. ITVs
domestic sitcom Tom, Dick and Harriet (a married couple landed
with the husband's recently widowed and he cticall y randy father)
is much- funnier than most of the genre;- morever It features
JBrigit Forsyth who was so superb as the awful Thelma in M The
Likely Lads."

But that dashes with Panorama on BBC-1 which looks at
the SDP/Liberal Alliance now one year old and cxying out for
proper analysis on television. Yet 1 shan't be watching either
since Alec Guinness returns to BBC-2 at 8.00 in* Smiley’s People*
a further story in John le Carre’s esoteric yet laid-back world of
the secret service which was brought to television with such
success in “Tinker,. Tailor Soldier Spy.”. Jo na t han DimWeby
will just have to say his .JTV piece about Hungary and Austria
in The Cold War Game on. to my VCR for playback later.

Smiley’s People Is followed on BBC-2 by There's A Lot Of
It About, the first in a sir-part series by and with. Spike Milligan.
His television work is deeply inconsistent, but for me the inspired
moments more than counterbalance the bathos and the indulgence.
At 945 comes another dash between BBC-l’a play The White
Guard (24 hours on the revolution from the White Russian side)
and BBC-2's Hypnosis which tonight studies hypnotic pain control.

940 am Schools Prog ram*,-
1240 CockiesheU Bv.TSffaS
Rainbow. 1230 Min* One.
News, pins FT Index rS,
Thames News With . Robin
Houston. 140 Turning Point, sjn
Cabbages andKtogs, fiMVa*.
day Matinee: Sidney patter and
Richard WMmaris in “The w
ford Incident 4X5 Bmgmnouse
420 Hold MrtJ 445 TwoZ
Ticket $.15 Private Benjamin
5.45 News.

BBC 2

9.00 News.

9J25 Play of. the month: “ The
White Guard,” starring
Michael Pennington, Nigel
Havers, Laura Davenport,
John Shrapnel, Nicholas
Farrell and Charles Kay.
1145-12.00 News Headlines.

6.40-745 am Open University.
11.00-1L25 Play School.

5.10 pm Shorefields School.
t545 Nyoka And The Tigermen.
540 Cosmos.

6.45 Madhur Jeffrey's Indian
Cookery.

740 News Summary.

7.15 The Two Ronnies.

8.00 Alec Guinness In
“ Smiley's People."

9.00 There’s a Lot of It About,
940 Hypnosis.

1025 Championship Darts.

10.45 NewsnighL

1140 Darts (further coverage).

640 Thames N e w* with
Andrew Gardner, Sire
Carter.

645 Crossroads.

7.00 The Krypton Factor.

740 Coronation Street
840 Tom, Dick and Harriet
840 Jonathan Dimbleby
Evidence: The Cold War
Game.

940 Quincy.

1040 News.

1046 “The Power And The
Passion,- starring Vim*
Edwards. Deal Anuz Jr
mid Trisha Noble.

1240 am Close: Sit Up ana
Listen with Michael
Hordern.

t Indicates programme
In black and white.

B

V

All XBA Regions as London
except at the following times' —

ANGLIA

1J2D pm Anglia Now*. *2.00 Monday
Film Matinee; San Francisco, starring
Clarke Gable. Jeanette MacDonald and
Spencer Tracy, 5.15 DHTrant Strokes.
6.00 About Anglia,. 640 Benson. 1040
Anglia Reports Special. TUU Thriller.
12.25 am Personal View.

Rooms.” 5.15 Emmordale Ferro. 6.00
Channel Report. 640 Happy Days.
9.00 Magnum. 1048 Channel Lata
News. 1045 Aujourd'Hui an Franca.
10.40 Late Night Rim: ** That Cold
Day In the Parte." 1245 am Newa and
Weather in French.

HTV Cytnru/Welee— A* HIV Went
except; 9.47-10.02 am About Wales —
Places. 12.00-12.10 pm Ftelabalam.
4.15 Cartoon. 440 On Safari. 4.45-5.15
Sftr. (LOO Newyddion. 6.06 Report
Wales. 640-740 Happy Days.

TYNE TEES

BORDER

140 pm Border Newa. 12JJO Matinee:
" How Green Wan My Valley,” star-
ring Walter Pidgeon and Maureen
O'Hare. 6.00 Lookarwnd Monday. 6.15
Cooking with Tawy. 640 Tty for Ten
with Derek Betsy and Linda Lewis.
1040 Gangster Chronicle*. 12.15 em
Border News Summary.

GRAMPIAN

am First Thing. 140 pm North
News. 2.00 Monday Matinee- " Con-
spiracy . of Hearts,” starring Ulff
Palmar,' Sylvia Symfl and Yvonne
Mitchell. 4.00 The Pat Show. 5.15
Survival. 6.00 North Tonight. 640 Close
Encounters, 940 Minder. 10-40 Mon-
day Movie: ’’ Bluebeard.** starring
Richard Burton. 1240 am North Head-
lines.

SCOTTISH

140 pm Scottish News. ZOO Survival.
240 Comedy matinee: In. The Dog-
houao. 5.15 Emmerdale Fern. 840
Scotland Today. 6^*0 Crime Desk. 9.00
Hill Street Blues. 1040 Lata CaD. HUS
Tales Of Horror end Suspense,

940 am The Good Word. 945 North
East News. 140 pm North East News
and Looksround. ZOO The Story cl
Wine— The Greet Clarets. 240 Monday
Matinee—” The 38 Steps.” marring
Kenneth More. 5.15 The New Fred
end Barney Show. 6.00 North East
News. &0 2 Looks Familiar. . uo
Northern Ufa. 940 Minder. 1040
North East News. 1042 Briefing— pre-
sented by Ian Breach. 11.15 House
Calls. 11.45 The Folk Festival of
North. 1Z15 *m Sura end Standfast.

i 1

TSW

CENTRAL

140 pm Centra] Newa. fZOO Monday
Screen Matinee: " The Wrong Arm
Of The Law,” starring Peter Sailers.
Lionel Jeffries and Bernard Crib bens.
3.45 The New Accelerators. 5.15
Survival. 640 Central News. 9.00
Minder. 1040 PralassionBl Boxing
introduced by Gary Newbon. 11.00
Central News. 1145 Lou Grant.
12.05 am Come Close.

GRANADA

140 pm Granada Ra ports. ZOO
Weir's A weigh. 240 Monday Matin bo:
Nancy Kwan In ” That Lady From
Peking.” 6.15 Sale ol the Century.
640 D rtf rant Strokes. 640 - Granada
Reports. 9.00 Minder. 1040 The
Gangster Chronicles.

. 140 pm TSW News Headlines. ZOO
Feature Film; ” Connecting Rooms,”
starring Betts Davis and Michael
Redgrave. 4.12 Gus Honey bun's Magic
Birthdays. 5.15 EnuMidate Farm. ZOO
Today South West. 640 Happy Days.
9.00 Magnum. 1032 TSW Late News.
1046 Postscript. KMO Feature Film:
” That Cold Day In The Park,” tarring
Sandy Dennis. - 1245 em South West
Weather.

ULSTER

140 pm Lunchtime. tZOO Monday
Matinee: ” A Tele of TVvo Cities,”
starring Dirk Bogarde. Cadi Parker,

Dorothy Tutin and Christopher Let.

4.13 Ulster News. 6.15 Film Fun with
Derek Griffiths. 640 Good Evening.
Ulster. 640 Lifestyle. 1049 Ulster

Weather. 1040 Abbe: Words and
Music. 1140 Facing Death. 1140

News at Badtime.

CHANNEL

140 pm Channel Lunchtime News.
What's On Where and Weather. 2.00
The Monday Matinee: " Connecting

HTV

140 pm HTV Naws. 1240 Monday
Matinee: "Hungry Hill,** starring
Margaret Lockwood, Dennis Price and
Cecil Parker. 3-45 Survival. 5.15
Welcome Back K attar. 5.00 HIV News.
9.00 Minder. 1048 HTV News. 1040
The Monday Mystery: “ Death In Deep
Water."

TVS

YORKSHIRE

140 pm TVS News. ZOO *' The World
Of Suite Wong,” starring Nancy Kwan
end William Holden. 5.15 Survival. 6.00
Coast to Coast. 1040 This Spotting
Summer: Derek Bell — racing driver.
11.00 Thriller: "In The Steps 01 A
Dead Man." 1245 em Company.

140 pm Calendar News. 240 Man-
day Matinee: "The World of Sinte
Wong." starring William Holden and
Nancy Kwan. 5.15 The Two of Ue.
500 Calendar (Em ley Moor end Bel-
mont editions). 545 Happy Days. 104B
Minder. 1140 The Leeds Falk FestiveL

(S) Stereo (when broadcast on VHF)

RADIO 1

540 am Aa Radio Z 740 Mika Read.
940 Simon Bates. 1140 Paul Burnett.
ZOO pm Steve Wright. 440 Peter
Powell. 7.00 Stayin' Alive with Andy
Peebles. 840 David Jen fen. 10.00-
1ZOO John Peel (S).

RADIO

midnight). 140 am Encore (S). 2-00-
540 You and the Night and the
Music (S).

(S). 8.15 A Myth for the Whole
is (S). 9.15 Wagner: " Stag-

RADI0 2

5.00 am Pater Marshall (S). 740
Tarry Wogan (8). 1040 Jimmy Young
(S). 12:00 Gloria Hunniford (S).

240 pm Ed Stewart fS). 440 David
Hamilton (S). 5-45 News, Sport. 640
John Dunn (S). 840 Folk on 2 (S).
940 Humphrey Lvtmlton with tiro Best
of Jazz (S). 945 Sports Desk. 10.00
The Name's the Gama. 1040 Can You
Hear Me Mother? 1140 Pate Clayton
presents Round Midnight (stereo from

RADIO 3

645 am Weather. 740 News. 745
Morning Concert (S). 840 News. 845
Morning Concert (continued). 940
News. 945 This Week's Composer
Ravel (S). 1040 Berlin Philharmonic
Orchestra fS). 1140 Berkeley and
Poulenc (S). 1200 English Concert
(S). 140 pm News. 1.05 Schubert
piano duet recital (S), 240 Matinee
Musicals fS). 340 New Records (S).
445 News. 540 Mainly for Plea ours
fS). 640 Music for Organ (S). 740
The Composer Conducts Andrzej

Panulnik .
of Europe ...
fried," Act 3, performed by aoioleta
end the Chicago SO conducted by
Solti (S). 1040 In e Nutshell. HM6
Jazz In Britain: Harry Milter Quintet
(S). 11.15-11.18 News.

RADIO 4

640 am News Briefing. 6.10 Farming
Week. &Z5 Shipping Forecast 640
Today. 845 The Week on 4. 8 A3
The Second Meadow by Archie Hill.
8.57 Weather, travel. Continental travel.
940 News. 945 Start the Week with
Richard Baker (S). 1040 News. 10.02
A Small Country Living. 1040 Morning
Story. 1046 Daily Service (S). 1140

News. 1143 Down Your Way vialti
Maidenhead in Berkshire. 1148 Spaak
Out! 1240 Newa. 1242 pm You and
-Yours. 12-27 Radio Active (S). 1245
Wbether, travel, programme news. 140
The World *t One. 140 The Archers.
145 Shipping Forecast 240 News.
242 Woman's Hour. 340 News. 342
Afternoon Theatre (S). 440 A Breath
of Fresh Air. 440 Story Time. 5.00
PM: News Magazine. 540 Shipping
Forecast 545 Weather, programme
news. 640 News. 640 Just a Mlnuta

(SJ. 740 News. 745 The Archer*.

Start the Week with Richard
Baker (S). 840 The Monday Plev.
” Home '* by David Storey. 948
Kaleidoscope. 946 Weather. 1040 The
World Tonight 1040 Science Now.
1140 A Book at Bedtime. 11.15 The
Financial World Tonight 1140 Music
at Night 1240 News.

The Ebic banks bring

strength and

experience to your
financial operations

More than two decades have
passed since the Ebic banks
started co-operating in order to
offer the most innovative and
dynamic services to their
customers. Their expertise has
helped businesses — both large
and small — importers, exporters,
European companies, interna-
tional organisations, states and
governments.

Amsterdam-Rotlerdam Bank

Banca Comraeitdale HaCana

Today, there are practically no
financial problems that they
cannot solve through their inter-
bank cooperation, their interna-
tional networks, or their common
investments. Problems as diver-
sified as business loans in
Bangkok, financing exports to
Abu Dhabi, construction loans for

Creditanslalt-Bankverdn

m

new plant in Africa, financing of
offshc

Deutsche Bank AG

tore exploration in South
America, agricultural investments
in Austra I ia or euroloans
to the People's Republic of
China.

Midland Bank pic

And there's a whole range of
other services including foreign
exchange risk coverage, euro-
currency issues, project financing,
mergers and acquisitions, and
many others.

@

investments. In Europe, for
instance, there's Banque
Europeenne de Credit (BEC) in
Brussels and European Banking
Company (EBC) in London —
both offering specialised financial
services throughout the world.

In the States, it's European
American Bancorp (EAB) with
subsidiaries in New York and their
affiliates and branches in
Bermuda, Cayman Islands,
Chicago, Los Angeles, Luxem-
bourg, Miami, Nassau (Bahamas),
San Francisco and Panama.Then
there’s European Asian Bank
(Eurasbank). Headquartered in
Hamburg, it has branches in
Bangkok, Bombay, Colombo,

Hong Kong, Jakarta, Karachi,
Kuala Lumpur, Manila, Seoul,
Singapore and Taipei. The Ebic
banks also have important parti-
cipations in European Arab
Bank in Brussels, Cairo, Frankfurt;
London and Manama, and the
majority of them in Euro-Padfic
Finance Corporation in Brisbane,
Melbourne and Sydney.

Sotiete Generate de Banque
Generate Bankmaatschappij

Specially created by the Ebic
banks are a number of common

Sodete Generate

if you'd like to take advantage of
our financial strength and expe-
rience and would like further
details, then just send your
business card, markecr "informa-
tion on EbicJ' to the Ebic
Secretariat, 61 avenue Louise.
B-1050 Brussels,

European Banks International

Europe’s most experienced banking group

V

All these securities having been sold,
this announcement appears as a mattered record only.

Sears Overseas Finance N.V.

(a wholly owned subsidiajyofSeais,RoebuckandCo.)

. Dfls. 100,000,000

10 ! A per cent Dutch Guilder Guaranteed Bearer Notes 1982, fine 1987

Annual coupons September, 15

Unconditionally guaranteed by .

Sears, Roebuck and Co.

Algemene Bank Nederland N.V.

Dean Witter Reynolds Overseas Ltd.

Amsterdam-Rotterdam Bank N.V.
Bank Mees & Hope NV
Pierson, Heldring & Pierson N.V.

Union Bank ofSwitzerfand (Securities) limited

August, 1982

7s:

FINANCIAL TIMES

PUBLISHED IN LONDON. & FRANKFURT

Mh 4 Office Ita, FboedH Thaos Limited, Sra

M Cmoa Street, London EE4P 48V.
TU ~* IIM * TI ‘ r ~ J1 — T* 1 * — -Tft1T~T

r twasee urt. Office Hn Ffaancbl Tbnes (Europe) Ud^ SdoUttstr. 54. WOOOJMrfet « Mrial,
Wat Barmy. Tatar: 416193. T ull’Hoiiu 799541. Edttnttok ftwnteiuBat 7ML Telex; 416052.
rtily ti uru, 7596 157.

INTERNATIONAL & BRITISH EDITORIAL'S: ADVERTISEMENT OFFICES

32. NMM 4. Tri:

«wM u t ML Bor 3296, AmttardmaC.Tcfcnq
1*527. Tab 276 7%.

B trmb i rf afa: BStnriM ami Arirar flfli p Georca
toe, &gra *L B15 IPS. Trine 338650. Tefc
021-454 0922.

441 677Z

Bmne PHatan llflfM Htaathi 5Wfl- Tatae -
B969542. Tefc ZX0B39.

. . 4 AihoOibt g Oom n’i

tee. Bom St, K2 SHT. Trie* 666813. Tcfc
061-834 9381.

Brasrote 39 Rue Dacota. Trire: 23283- Fie 532
1404- Tefc 512 9037.

Bnawi JUrea: EkMfcia SOcb Fin 7, Nb. 74
Rnrttta CoMntes 456, Goffifla 1366. Tefc
39476%.

catrtt P.D. Bn 2040. Ttit 751482.

MAk 25 Soaft FitMck St, Dabtia Z Telex;
2S4M. Tat Oofafia 603378.

C d h terat L EdtertW awf AdWrafttg37 Cewy
«w* EH2 2HN. Tetefc 72484. Tat

031226 4120. .ateuffiH T Mr C8L226

Frartrtartz EMmtX jari Mnrtfttag SoMtattstr.
54. BHMaf Tries: 416052. Tel: 7398 157.
Wrertfafaf Trine 436L43. Tefc 75480.

tone 15 rae de Ceadrkr, Teksc 22569. TeE
311604

Meeks CHy: dtaHnwa 54-500, CalJalrez,

Medea 60F 06600. Tofe 5SS 5322

Rteww: Kabaenfcy U, feartmeatL Mrocaw.
Trine 413300 Hnane. Tefc 243 J«5.

Near York; Bffiwftf mri JUnribhr 73
ffnrfcefrtei Ptoza. H.Y. MOM. SMwUTriae
663901 Tri- (2U) 50 4625. AAwfUrUBb'
238409. Tel: (Z12). 489 8900.

faris fiflfariaf amt Ceatu tfJWriraa

' U lewni 168 Itaa de BHL *5044; Faria Critax
QL Tries 220044, Tab 297 2000.

Bo da Jamb* 15* Bre*w 45, Sifai 200202,
Contra KP20090, Mote JtaHfca U BratiLTifc
263 P“ —

JohaiMifcarjc PH. Baz 2122. Trice 84257. T4fc
538-7545.

L«etu fiifcni’ttilui tei— aat How, The
t k ad mw. Tri: 0532 454969.

Iwfcnm Pncada
12533. Tab 362

60 88.

. tenon ttrizti,

iHUSttaaacM. Otoartek*.

Tit 241 2920, JUrertbkm

MMta 1610

tmwTEtot.

Tefc 295 4050.

_ 1171 Krihaaf Press

_ B£. 2004S. Tries 44Q34QL

Tri- (202) 347 8676.

For Share Index, and Business News Summary, Telephone 246 8026
[number, preceded by the appropriate area code vatid for London,
B lwmn g fa api, Liverpool and Manchester)..

M adKftistog H aifcfaa as ttae taMbber’S aareriL Iwns ad caaritient espies efMddiarearoMlew

REPRINT

FACILITY

Tly F inancial Times has the facility to r e p rin t
its own articles that have appeared in the
newspaper either in leaflet form or as a
booklet Prices can be quoted and for farther
information please contact

Publicity Department -
Michael Robinson
Fi n an c ial Times, Bracken House,

10 Gannon Street, London EG4P 4BV
Tel: :01-248 8000

r

*'"**.; s ’ f »irs

1 *' v ■'! '• «v

W' - . *•

“

-y

'• ■‘ V:;

i :• •, V

- *• nj-

m. -V .

>r ’

' * 1-rt,

1:. ' ' >,!lV ^ "
' v 1” ,! ^

- * £

'-STER

"K SHIRE

;*JS7

iri M ?

Financial Times Monday September 20 1982

THE MANAGEMENT PAGE

.. I.. _9

EDITED BY CHRISTOPHER LORENZ

How Spillers tried to win the war

Arnold Kransdorff on the way opinion polls were used to fight a classic takeover

Weapons In the dogfight— cartoon propaganda from each side

The chronology of doom

MORI'S first survey for Spillers
was carried out a few days
before Dalgety sent out the
formal bid documents, during,
the “cold war" period 'when
both sides -were mustering their
forces.

By this time the bid was two'
weeks old and Dalgety bad
suffered an early psychological,
blow wben Alfred Singer, its
highly-respected non-executive
director and a former chairman
of the Post Office Pension Fund,
resigned; -saying tbe acquisition
was too risky. .

Spillers had written hurriedly
to shareholders and employees
telling them not to take any
action. An advertisement to
that effect had also been placed
.in the Financial Times, the
Daily Telegraph and the Daily.
Mail.

It also lost ground when
La?ards, Dais cry's bankers,
bought slightly more than 12
per cent of Spillers shares in
the market “ on its own
account"

As far as Spillers was con-
cerned, the battleground still
looked defensible. It was this
opinion that needed to be con-
firmed in MQRTs first poll.

In a way it was, although the
poll’s summation also contained
evidence that all was not well
in tbe SpiUers -camp. -On -the
ground - -SpiileiK.: -management
took the optimistic view that
there was still a fight left to
fight. “ In such circumstances
you- can’t not fight." says
Spaldine.

■As it happened. MORTs ques-
tions were probably not precise
enough in the early- stages of
ihe bid to give a clear picture
of which way shareholders
were likely to - jump, or' to
explain the discrepancy between
certain shareholder reactions.

The questions became more
probing in the later surveys but
by then It was too late to take
the action which might have
been more effective at. an
earlier stage.

In essence MORI found there
was a high level of dissatisfac-
tion (34 per cent) among share-
holders towards the company's
dividend and share price
record. In spite of this, a

majority had held their shares
for five, years or more and only
a few— 10 per cent— had
accepted Dalgety’s offer. •

To get an indication of wben
tbeir resolve would break, MORI
asked shareholders if they
-thought Dalgety would increase
Us offer and at what price they
would eventually sell.

Behind these questions was an
attempt to gauge shareholders'
loyalty and to measure their
expectations of the bid. Their
.replies, would also, indicate
whether or not they believed
the resolve of Dalgety not to
increase the offer and Spillers
not to accept What was per-
haps not investigated fully is
which side's arguments were
more credible.

Their, responses indicated a
high expectation that Dalgety
would increase its offer. From
that -Spillers concluded that its
shareholders would not sell, at
least in the_sbort term.

• The replies - also suggested
that Spillers would eventually
recommend accptance of a bid.

As a result', ill mailings and
advertisements from then on
concentrated on emphasing the
firmness of opposition.

MORTs research also came up
with tbe information that while
most shareholders knew there
was a bid going on, few could
actually identify the party or
even the value of the offer.

Spalding says that this helped
confirm Spiller’s strategy of
putting over a simple rejection
message. It also suggested that
there was no need for Spillers
..to do Dalgety’s job of informing
■ shareholders of the value of the
bid but that it was important
to convey the impression that
the offer was “derisory” or
that it “under-valued the com-
pany.”

GivetoVSO

and your money talks.

teaches, laughs, listens.

The poor communities of the
Third World aren't just names -
and addresses on crates of emer-
gency supplies. Tney ure people
— with a future they can't
develop, talents they can’t use,
energies they can't harness.
Because they luck the resources.

Voluntary Service Overseas
hasspent25 years living and
working with those people -shar-
ing skBb and resources with them.
Every day they become n little
more self-sufficient, a little less
dependent on emergency relief.

Hundreds of qualified British
peo pie olferVSO their specialist
services every year in rotum for a

subsistence wag&. But sadly we
can afford to answer only half of
the thousand urgent requests we
receive annually from Third
.World countries.

Yet, with just a little more
money we could afford to do a lot
more permanent good.

For every additional £350 we
collect we could be entitled to a
U K government grant big
enough to enable us to send
anotiiw volunteer abroad for two
years- Third World communities
ihemselvssare eager to pay their
share of the local costs,.

Please help give another com-
munity a future to look forward

;-n to. Remember. just £5

I To V50,S IMgraTO Square, London, SW1XBPW. j would ICtUSTpleaSe

I I ewJoma don Jti«ui cf £ to hrlp VSO.

(Chewc/POsTe ■voiiiirtantSwiMoOvoiwsas'er

qVoloArtOK'. 'ftt’etoyewd

t I * _ t

I £100-worth of skills,

■ -J knowledge and human
. 11 .I energy where they are

1 ~i^«3MSB»?drorr{rtaih€»TVS0 1 5ii»cfi:andieiiitw9fcflut I most desperately
memaerahiponil :ho javomogesoloGavunsn. needed.

[ nPioaaewtmt a receipt

| Kama,

j Adtfiot

I —

j VSOt*»*i gi^Mci™iiYKg.T£!e 3:

is working
overseas

Shareholders were also asked
from whom they would prefer
advice to come. Tbe -replies
suggested that toe chairman,
Michael Vernon, was preferable
to the “ directors " or a. “ stock-
broker."

As a result, toe chairman was
given, prominence in all inter-
views, statements and advertise-
ments.

On the question of readership
habits, the survey emphasised
the importance of the Daily
Telegraph, toe Financial Times
and the DaOy Mail. These news-
papers were, inevitably, put on
the media schedule but Spillers
also included The Guardian and
The Observer.

MORTs second survey, with
virtually the same questions,
was done four days later. By
then shareholders bad just
received Dalgety’s formal offer
in the post and the “ enemy-
had continued to increase its
share stake in Spillers by a few
undisclosed percentage points.

This was just before toe first
heavy bombardment of Spillers
advertisements using Fred, toe
flour grader, to emphasise the
company’s opposition to the bid.

In general, tbe findings were
broadly in line with the first
survey, with a few key shifts. A
Higher proportion r of' share
holders believed" both that
Dalgety would increase its offer
and Spillers would eventually
recommend acceptance.

The importance of the chair-
man’s endorsement had declined
but management still thought it
important enough to keep his
message in high profile.

' In spite of mailings and
advertisements at that stage
high proportion (33 per cent) of
shareholders still did not know
of the company’s position.
From management’s point of
view this meant that toe
message, “had to be plugged
away at”

By the time the next survey
was held 11 days later— over a
weekend — toe flak was really
flying.

In its first salvo on the adver-
tising front. Dalgety said it had
a “ soft spot ” for Fred and
intended to “build him up just
like toe rest of out family. 1
Spillers fired back doubting
Dalgety’s claim to be “builders
not strippers.”

Spillers had also just coupled
•an uninspiring annual profits
forecast with the promise of an
increased dividend payout

Spillers considered this
period crucial for two reasons.
The weekend was the tradi-
tional time for shareholders to
make their Investment decisions
and the Dalgety offer was due
to close in less than a week.

MORI's findings were not
particularly encouraging.

Although nine out of 10 share-
holders still held their shares,
more than half said they still
had to make a decision and
about 30 per cent of them said
that they were inclined to
accept the offer. Additionally,
14 per cent said they would
definitely accept Dalguty’s over-
tures.

“Although the poll indicated
that we were losing shares we
were still not convinced that we
had lost," recalls Spalding. “We
thought we were still worth
fighting for."

The poll also showed that
awareness of the bid was now
almost universal but — surpris-
ingly — a third of shareholders
still did not know Spillers’ posi-
tion. A large proportion thought
that Dalgety would still increase
its bid, which probably explains
the events of the following week.

Dalgety had to extend the
offer by 10 days after having
received acceptances which put
its total stake at less than 30
per cent. To Spillers, the war
was dearly not lost. In fact the
offer had to be extended a
second and last time because
Dalgety’s “take" had only
reached 37 per cent

By then both sides were
going hammer and tongs at each
other and newspapers were
coming down firmly on one side
or another." recalls Spalding.

Clearly Dalgety was heading
for victory hut wc weren’t going
to concede. We had to put a
brave face on it.”

On October 12 Dalgety
announced that, after forays
in the market and acceptances,
it controlled 51 per cent of
Spillers* shares, thus bringing
the battle to an end.

HAVING fought the good fight
.Tony Spalding is a humble but
wiser man.

Three years ago he was on
toe losing side of one of
Britain’s most bitter takeover
battles in recent times. As a
veteran of toe clash he admits
it is easy to look back and sug-
gest what should have been
done to avoid defeat But even
with the luxury of hindsight he
is not so sure that tbe outcome
would have been any different
— all he can say is that toe ex-
perience has confirmed for him
the advantages of employing a
little-used technique to help
direct a defensive strategy.

Spalding’s former employer
was Spillers, the flour, petfood
and restaurants group which,
for a period of eight weeks in

toe summer and autumn of 1979,
found itself trying to fight o’ff
the predatory advances of
Dalgety, toe international agri-
cultural and food business.

In toe event It became one
of the classic contested takeover
battles of • recent years, and
caught the public imagination
with Spillers’ use of Fred, its
cartoon flour grader, in all its
advertisements.

From Dalgety’s point of view,
the timing of toe bid was ex-
emplary; Spillers was still reel-
ing from toe effects of p olling
out of bread baking and cut-
ting its dividend the previous
spring.

Although the outcome went
against Spillers, toe battle was
never a foregone conclusion. It
was the tactics of attrition that

eventually won Dalgety toe day
after what was certainly a
spirited defence.

In conducting that defence,
Spillers took the unusual step
of turning to an opinion poll-
ster -to find out what its share-
holders were thinking. Spillers
reasoned — - not unfairly, al-
though perhaps too late in the
day— that its small shareholders
were going to be crucial to the
outcome of toe battle.

Like most companies, it knew
virtually nothing about its
shareholders, of which there
were an inordinate number. For
all it knew, the company's own-
ers could all have held their
shares for only a short period,
so there would — theoretically —
be very few reserves on the
loyalty front.

In the event the shareholder
research revealed that two
thirds of small shareholders had
held Spillers' shares for five
years or more — information
which management chose to
interpret as loyalty. Other com-
panies have learned to their cost
that this is an extremely naive
position to take; indeed, Spald-
ing admits this and suggests that
this so-called loyalty was prob-
ably no more than inertia — and
.the company's policy of delib-
erately making shareholders
more aware of the bid could
have been the football equivap
lent of an “ own goal." .

This finding was just one item
of information — or disinforma-
tion. as it perhaps was— that
Spillers discovered it had in its
armoury.

In retrospect Spalding says —
to his regret — that toe com-
pany neglected to use jts full
firepower, but he still thinks
that Spillers deserves a few
campaign medals for tactical
originality born out of toe share-
holder research.

■Such research is still unusual
in the UK. ■

. This is not too difficult to

understand, despite the fact that
private shareholders are still
the lifeblood of much of
industry.

In the first place their
numbers and toe significance of
their shareholdings in com-
panies have been declining for
many years in favour of the
large, institutional shareholder.
And while the latter has also,
more recently, become more
voluble private shareholders
have mostly kept a low profile
(as evidenced by their lack of
visibility at annual meetings)
and managements have conse-
quently downgraded their
importance.

This is exactly what happened
at Spillers. In the days follow-
ing the announcement of the
bid. when a defence strategy was
being formulated. Spillers man-
agement only realised the signi-
ficance of its shareholder
profile when it discovered that
nearly three quarters of its
shares were held by 34,000 small
shareholders.

Of particular concern was that
management knew little more
than their probable marital
status, sex and address — facts
that could be extracted from the
share register.

The company had no idea, for
example, what newspapers they
read. Without this information
any planned advertising
campaign could easily be mis-
directed.

With this realisation,
Spalding, who had only recently
been recruited from Wilkinson
Match as Spillers’ director of
public relations-and communica-
tions, approached Market and

Opinion Research International
(MORI), whose managing
director. Bob Worcester, he
knew.

Spalding wanted to know how
best to communicate with
Spillers’ shareholders, given
that the company was prepared
to embark on a substantial
advertising campaign and ihat
newspapers of The Times group
were not being published. Man-
agement reasoned that ir it
could gets its arguments across
through editorial and advertis-
ing columns, shareholders would
remain loyal and Dalgety would
have a tough fight.

Worcester replied that such
information was readily access-
ible through normal polling
techniques and asked Spalding
if, in the process, he might ask
a number of other questions.
Worcester saw the exercise as
an ideal opportunity to learn a
lot more about Spillc-rs share-
holders than their reading
habits.

In a short time Spalding and
Worcester had formulated a
list of about 25 questions to
cover factors such as awareness
of the bid, intentions with
regard to shareholdings a nd
the impact of communications
from both sides. “ From then
on we suddenly realised wc had
a potential tool on our hands."
says Spalding.

Although Spillers had access
to — and frequently took — -the
advice of its financial advisers
and brokers, a remarkably large
number of tactical decisions
were based on MORI’s research.
Over the eight-week period of
the bid, nearly 700 small share-
holders were interviewed in
four separate telephone surveys
— all conducted in the evenings
or at weekends in the hope that
respondents were at home.

In total toe exercise -cost
Spillers a mere £7.500. On
advertising alone, the company

spent around £300,000 to
Dalgety's £150.000.

Spalding believes this MORI
expenditure was recouped many
times over just by targeting
advertisements to most effective
use.

For Spalding who subse-
quently joined Dalgety as group
executive, public relations, and
has just joined Sea Containers
as Jjrector of communications,
the experience opened up a
new door in the field of cor-
porate eonuuunica lions.

His only regret is ihat the
type of information thrown up
by MORTs polls was not avail-
able earlier,

“Spillers had always thought
that, its great strength in a take-
over would he the ' massive
number of small shareholders.
As things turned out those
shareholders proved to be its
Achilles heel.

“It is arguable that had
Dalgely waited another year, or
eveii six months, Spillers would
have been in a stronger financial
shape to fight the battle. But
the absence of a conscious
attempt to win the support of
the small shareholder in advance
of an unwanted hid would
almost certainly have ensured a
similar result."

The lesson for others is clear
enough. It is essential to under-
stand shareholders' motivations
and feelings towards their com-
panies, and to put this informa-
tion to good and timely use.

Small shareholders should not
he tak**n for granted.

BARCLAYS BANK
. IS NOW IN
LIBREVILLE TO HELP
YOUR COMPANY
INTO GABON.

X

Barclays Bank International now has a full branch in Libreville. So now
we can help and advise you fully on every aspect of your business in Gabon;
export finance, foreign currency invoicing, documentation and all other
services your company expects from an international bank with corporate
involvement worldwide-for at Barclays International we have our own offices
in 84 countries, covering all tire world’s major financial centres. ~We can
support your international business interests wherever they may be.

If you wish to do business with Gabon, contact Henri de Roquette
Buisson in Libreville at the address below.

In the UK get in touch with us at 54 Lombard Street, London EC3P 3AH.
Our telephone number is 01-283 8989 extension 315L

i I

Barclays Bank International Limited,Xinmeuble Diamante
Boulevard deLIndependance,B B. 4050, Libreville, Republique Gabonaise.
Telephone: 741300/2 Telex: 5563 BarinL

, i

j

10

Financial Times Monday September 20 1932

TECHNOLOGY

EDITED BY ALAN CANE

Government decision opens up tremendous opportunities for equipment manufacturers

DHSS benefits from f 700m computerisation

BY ELAINE WILLIAMS

THE GOVERNMENT’S decision
to spend £700m to computerise
the soda! security operations
will open up tremendous oppor-
tunities for equipment
manufacturers.

A shopping list of 70 large
computers, 3,000 microcom-
puters and 30,000 computer
terminals were outlined in the
Government Green Paper last
Wednesday.

But with the rather salutary
experience of the computerisa-
tion of driving licences at Swan-
sea behind it, the Government
is likely to be more critical of
both the equipment and the
implementation of the Depart-
ment of Health and Social
Security department system.

After all. it will be the largest
investment of its kind in the
UK and wilt take at least 15
years to complete.

The scale of the social
security operations is enormous.
Payments of £27bn are made to
24ra claimenls. Administration
costs are £1.4bn and it takes
117,000 staff to handle the
paperwork.

To avoid problems with imple-
menting such a major scheme,
the DHSS has identified 14
major projects which allow
computerisation to be phased in.

The DHSS has been at pains
to point out that the scheme is
simply an outline — and the
details are likely to alter
because of the change in tech-

The size of the informa-
tion data base is stag-
gering— it would take
115,000 copies of the
FT to store it all.

ing one operating four years'

later.-

nology during the long intro-
ductory time scale.

The social security network
will be made up of three tiers
rather like the layers of a cake.
At the top is the central index
— a large computer system
housed under one roof. This
will contain all the personal
files of claimants.

Already most of the working
population have their files
stored on the existing computer
system at Newcastle which
keeps all national insurance
contribution records.

The size of the information
data base is staggering. It would
need to store the equivalent of
115,000 copies of the Financial
Times to handle the complete
operations.

The heart ' of the Govern-
ment's new strategy is a system
of linked area computers. Their
main job would be to support
the local offices by holding per-
sonal records, processing claims
and making payments.

At the moment, the intention
is to instal seven area computers
beginning in 1986 with the last-

These computers will also
duplicate the personal files
stored on the main index for
those claimants living in the
region so that staff have quick
access to relevant information.

This duplication does not
mean that anyone will have thB
opportunity to look at personal
files. On the contrary, security
win be hu3t into the network
and there win be less duplica--
tion of files. With today's mainly
manual system, up to five copies
of the same information are
kept.

-The lowest part of the tier is
the local office. The govern-
ment wants to instal microcom-
puters — 3,000 in all — in these
offices to help in the assessment
and payment of benefits.

It' is a difficult task for the
already over stretched staff
which have to work out which
of the 30 different types of bene-
fit should be paid out. Staff
have to refer to 100 different in-
struction manuals. Eventually
part of these instructions will be '
on the computer system.

The Government believes
that there is an urgent need
to computerise local office pro-
cedures and will begin its plan
by ordering microcomputers—
probably from several different
manufacturers next year.

The new scheme will have to
integrate those benefits such as

EXISTING COMPUTER SYSTEMS

North

n*\

////

BATALIN K - /ill

OwjiIbM l> H |NiM» //, /
li"fc / * / I

/ III
/Ilj
/ I

fill

l ! 1 1

. ni

^ OmiiHiM
\ lift -Ir-Hjl*
\ (Ink

NUBS

*

/ / i

/III

fill

/ / i /

/ /

/

I

0600

nmnro at ,m A — -a f ta-

PROPOSED COMPUTER STRUCTURE

OwtHt ri^mnt Max
long -ivrrc btmMi

North

Flydi

□ □

YOUc/'itiicroi fn local offieaa
FWTrafl Mk-vwmwi ih Utt Vi,n.r IM.

pensions and child benefits
which are already computerised.

For example, two computers
— at Reading and Livingston—
are linked to unemployment
offices to pay benefits to the un-
employed. As well as the com-
puter at Newcastle for national

insurance, another system at
North Flyde pays war pensions
and various disablement bene-
fits.

A major factor in the success
of the computerisation plan Is
a <*ood reliable telecommunica-
tions network to provide the

links.

In its consultative document
the Government says that the
network should provide all
forms of data from computer to
voice communications. It hints
that it will opt for total digital
telecommunications network.

Matsushita in Electronic Components Technology

MARRIAGE HK1R0NK SIYUs

THE NEW MRTMRSMP

BETWEEN MAN AND MACHINE.

Fact is outpacing fiction. Machines that
think and talk and see and feel are no longer
science fiction •writers’ wild imaginings: They
are real. They are now.

At Matsushita Electric, we create this new
breed of machines. And die intelligence •
synthesizing components that permeate them.
ICs and LSIs. RAMs and ROMs. FETs and LEDs.
We hardly ever see these remarkable semi-
conductor components. Yet, together with
uncanny sensors capable of simulating human
senses, they are changing the way we live,
in our homes and cars. At our factories and
offices. They help us hear and see better Help
warm and cool us. Inform;' Protect. Educate: • ■
Entertain. *■ ••

Vfe develop and produce most of the com-
ponents incorporated in our range of more .
than 14,000 different products we make;
inspired by our firm belief that quality com-
ponents make quality products.; Among the ■
most amazing of these components are
the microcomputers — eacK.no'bigger than
a matchbook— that process information in
millionths of a second They perforin a great
range of complex. functions in many of our
consumer electronic products arid home . .
appliances. A microcomputer- in our Panasonic
VHS video cassette jeconders, for example,
lets you programme auroniatic recording of up
to 4 different shows on different channels in
a 14-day period; while one in our video
cameras provides, auto focusing so easy even
a beginner can captUre'cleai; crisp recordings.

Our enormous committment to research
and development has put us at the leading
edge of this new electronic component
technology Recent breakthroughs include our
one-chip voice synthesis and voice recogrti- ;
tion LSIs New applications for these "talking’'
and "hearing” chips, already in development,
are sure to stretch the imaginatioa- ,

Matsushita Electric, Japan’s largest con-
sumer electronic group, is working
hard to raise the quality of
our lives. Man creating^
machines. Machines

serving man.

Matsushita Electric

For Junher details please confect National Panasonic CUtQ Ltd,
300/3 IB Bath Road, SJquQh. Berks SL1 6JB. Teh Slough 34522.

Controller

Input

energy

A MOTOR input energy con-
troller based on principles
first exploited by NASA and
further developed for Indus-
trial applications by a team
at Sussex University under
Dr Peter Unsworth, is being
marketed under an NRDC
licence by Delta Technical
services.

Known as the ME 5000, the
unit can be matched to three
phase induction motors
having outputs front 5 hp.
Depending on type and duty,
pay back periods of two years
can be achieved as a result
of lower electricity bills.

The company claims that
there are 50 m induction
motors in the UK alone and
that 30 to 40 per cent of the
power they consume is
wasted. This is said to be
because most motors are over-
sized initially and for various
plant reasons do not run at
constant full load output
where they are most efficient.

The device saves energy by
sensing the power factorof
the motor and then adjusting
the input power to that
required to meet the load.
More on 0705 697321.

Total
capability in
construction.

Horwest Holst

Newsagents

Back room

computers

Transmission

Plessey

storage

A COMPUTER controlled
transmission storage system
based on Plessey micro-
circuits has been used in a
marine radio receiver from
Wetherwatch of Fording-
b ridge, Hampshire, that is
able to receive and store
schedule radio transmissions
for later playback.

The unit should prove
useful to yachtsmen trying to
keep up to date with the latest
meteorological information.
Instead of keeping on watch
by the radio, they can come
back to it at a convenient
moment to be updated.

Known as the DBE606, the
unit can accept single or
double sideband amplitude
modulated . signals without
any adjustment when the
mode changes. It is designed
round seven off-the-shelf
integrated circuits and can
decode signals from 100kHz
to 4.5MHz. More on 4)725
20386.

Night vision

Swiss

goggles

“BIG 2” is a new set of night
vision goggles from Swiss
company Wild Heerburg. The
goggles employ an image
intensifier tube to amplify
naturally occuring residual
light. The. Instrument .weighs
720g and has a built in LED
light source for close work,
for example map reading at
night. It can be powered by
a disposable or rechargeable
battery. UR office is at
Revenge Road, Lordswood,
Chatham, Kent (0634 64471).

THE ADMINISTRATION Of
newsagents’ delivery rounds
and the customers’ accounts is
recognised in the trade as
being something of heartache
and recently (JCLS Micro-
systems. the Unilever com-
pany, developed a system for
putting it all on to a small
computer in “the back room.”

'Known as Courier, it gets
over the problems of keeping
accurate accounts when cus-
tomers cancel or make
changes to their order, go gu
holiday, get sent the wrong
newspaper and so on.

Microsystems says that the
system is designed specifically
for easy use by newsagents.
Prompts and messages on the
display screen guide the user
through all the functions he
selects — and the functions
arc easily identified by
coloured and engraved keys,
each corresponding to a
normal manual task such as
amending a customer's
order or taking payment lor
an account

Courier prints out round
lists for morning, evening or
Sunday rounds, accepts goods
received from wholesalers,
designates customers as
“delivery” or 'Shop-save,"
allows stop/start dates to be
set up in advance.

Many variants are allowed
for — for example, counter
sales can be quickly charged
to the customer's account
More on (J 442 7 7 174 L

Ariane failure

Turbopump

fault

THE European Space Agency
says that after a first assess-
ment of telemetry and radar
data the failure of the Ariane
L5 launch was due to a drop
in turbine speed foUoucd by
a drop in combustion chamber
pressure of the third slage
engine. Pressure dropped pro-
gressively from 32 bars to
zero indicating a failure of
the tnrbopump. ESA says
that the volume and quality
of data should permit experts
in Europe to draw a precise
conclusion very shortly.

Measuring

Digital

multimeter

A DIGITAL multimeter in-
tended for high precision
measurements is being
launched by Datron, Norwich,
The 1081 is a 6j/7i digit
multimeter which has long-
term stability and is designed
to meet Standards Laboratory
requirements. More informa-
tion is available on 0603
404824.

Machine tools

Belgium metal guillotines
now available in UK

NOW available in. the UK;is a
range of Belgian made hydraulic
guillotine machines, suitable
for stainless steely equipped
with reversible four-edged cut
ting blades and rated from -
4.5mm to Stum -thickness, maxi-
mum cut lengths to 6,000mm
and with cutting rates up to 66
cuts/min.

The Haco HS -consists of 31
models all provided with' vari-
able rake, blade gap adjust-

ment, witting line illumination,
back' gauge, squaring arm and
: provision for automatic cycling.
.' Optional extras include a pro-
grammable back gauge, mag-
netic or pneumatic plate sup-
- ports and automatic stacking
facilities for cut strips.

Haco in the UK is repre-
sented by Warwick Machine
Tools, Wedgnock Industrial
Estate, Rothwel Road, Warwick
(0926 497806).

Robotics!

-Talk to PER A

Seminars and courses for all levels of management —

INDUSTRIAL ROBOTS fr PROGRAMMABLE AUTOMATION

28 Oct 1982- One-day seminar at PERAhy Prof. WB.Heginbotfnin.

For igwHur . lwm lorhniMt ■

manufacturing industries.

INTRODUCTION TO ROBOT TECHNOLOGY

2Sfl1 Oct fr 30 Nov/1 Dec 1M2-Tws4ry unse at PfflA for sutler
ifaugfl, profcctfen fr maintenance engineers, covering basic
iKtootogy and Tsmunotegy. '

USING INDUSTRIAL PROGRAMMABLE CONTROLLERS

IK Rev 1982-Qne-dBy BeneraT eppricratm course atPBUL hr

•quipsaut.

fiwompany courses on ftototTechnotogy & PIC's can aha be arranged

For further information, pi ease contact the Booking Bureau.

TERATRAINING Production Engineering Research Association
MELTON MOWBRAY LEICESTERSHIRE LE13 0PB
TeL [06641 64133 Ext.32S or 380 ' *

] ; i

•' i * • *,

a

11

-^Financial Times Monday September 20 1982

-Monday September 20, 1982

The Grand Duchy’s phenomenal development during the past 15 years into a pre-eminent “offshore” banking centre,
handling about a fifth of the g^bbal $l ? 500bn-a-year Euromarket, is by now a familiar story. But Luxembourg today faces
. an array of difficulties that threaten to combine into a crisis, unless each is carefully defused

Problems for EEC’s

BY GILES MERRITT : 7 • -

THE EVEN tenor of Luxembourg life has been, rudely
shattered several times so far this year. .. '

As ' a . result — and-; siff-
.nificantiy late in the r day by
the standards of most countries
in recession-torn- Europe.-— the
calm' and : prosperity of" the
Grand Duchy has. been dis-.
rupted by a series of events, that
have dragged the EEC's
smallest member-state- into the:
economic maelstrom of the
■1980s. ■ ■ ■ ■■

Although it went largely
wire ported, the event that
arguably most . ’ disturbed
Luxembourg's, equanimity was
the sudden general strike: last
spring that ended an era of
peaceful " .and ^ . co-operative
labour relations. 1' It . has long
been Luxembourg's proud boast
that there has been no peace-
time . industrial action since
1921, but' the Government’s
abolition in March of automatic
wage indexation as a key
element in its new economic
austerity drive provoked a 24-
hour stoppage on April 5 that
brought to an end some 60
years of “partnership" between
the seven leading trades unions,
the employers and the Govern-
ment.

That rare unruliness may
prove to be an ill augury for
Luxembourg, for although the
Grand Duchy is d<dng compara-
tively well in its attempts to
attract new foreign industrial
investment, its traditional in-
dustrial base is still its steel
industry. The future for Luxem-
bourg's . giant Arbed steel-
maker looks increasingly grim.

despite the company’s deserved
reputation as a redoubtable
crisis manager. Hie fear is that
^serious strains could begin to
sour Luxembourg's social cli-
mate;

On the -other hand, Luxem-
bourg : noted with some relief
that the strikers themselves
were not merely taken aback
by their own temerity but also
tended to view their use of the
strike weapon as a somewhat
‘'negative'* experience when
compared with the usual pro-
cess of reaching a satisfactory
consensus. It may well be that
now Luxembourg is in crisis it
will set an example on how to
-tackle problems cooperatively.

There: is no question that
Luxembourg now faces an array
of difficulties that threaten to
combine into a- crisis unless
each is. carefully defused; It is
also characteristic of Luxem-
bourg. with its population of
only 364,000. that these prob-
lems range from the large inter-
national scale of. say,, transat-
lantic trading relations or stag-
nancy of the international capi-
tal market right across the specs
trura to the possible closure of
a local enterprise such as a
country restaurant that would
damage ' the local village
economy.

. The mixture of international
pre-occupations vying for politi-
cal attention with parish, pump
matters is tmusual.lt is also one
of the strengths of . I^ixem-
bourg’s Christian, staunchly-

Roman Catholic; style of con-
servatism that politics seldom
centre on abstract issues
because in such a small country
people inevitably dominate the
foreground.

That said, the Grand Duchy’s
problems today have an aU too
recognisable similarity to those
of the 'major' industrial coun-
tries. Inflation has shot from its
low average of . (L3 per cent in
1970-79 (when it compared very
favourably .with -the EEC’s
average of &8 per cqnt) to a .
likely 10 percenfbbtii this year
and in 1983. UpemplpjTnpnt. at_
■-around 3-4 per cent is still mini-
mal. despite a. 3Q. per cent. cut?,
back since^- 1974 in, steel .jobs,
but the surge of 45 per cent In
the jobless figures has neverthe-
less made the safeguarding of
employment a crucial new issuel.

At the same - Luxem-
bourg is also now revealed as
suffering from the same disease
of declining- international com-:
petitiveness as Ihe Common
Market as a whole — 1981 saw a
record “risible trade deficit of
LuxFr 23bn when for the sixth
year in succession the trade,
balance deteriorated.

Yet Luxembourg remains an
outstanding example of the way
mere statistics can so easily dis-
tort the picture. It could be said
that since 1979 the Grand Duchy
has fallen prey to' the pattern ,

of Government budget deficits
after having long been the land
of the balanced budget The
reality, though, is still an
hi viable one.

Luxembourg still has no
external debt" and its domestic
borrowing requirement .. is."
equivalent to only L9per cent
of Gross Domestic Product
(GDP). In 1981 the deficit to
be' financed had risen to
LuxFr 3-Sbn,. of 3J3 per cent
of GDP, and earlier this year
it looked as if that trend would
deteriorate sharply when
Government spending proposals
pointed to a LuxFr 0.5bn deficit
for 1983- In the event, how-
ever,. cutbacks on spending
pared that deficit down to only
LuxFr - 400m. To that must be
added a LuxFr 2bn loan that
the Government regularly floats,
but it is still a far cry from
neighbouring Belgium’s .1981
and 1982 public sector borrow-
ing requirements ' of over 16
per cent cif GNP.

Major factor

If Belgium’s difficulties were
only a worry to the Belgian
authorities, though, Luxem-
bourg would be well pleased.
As it is, the Belgian dimension
is a major factor in the Grand
Duchy's economic woes. Bel-
gium’s unilateral devaluation
on February 22 last of the two

CONTENTS

The economy: battle agqnst inflation II

Political scene: quiet consensus prevails II

Luxembourg as a major financial centre Ill

Links with Belgium: period of hearts earthing Ill

European Investment Bank: a big rise in lending IY

EEC development: Luxembourg's significant role IV

The Luxembourg conundrum: an alarming paradox V

Banking and portfolio management: a wider range of sendees .

how being offered V

Steel industry: importance of free trade V]

Foreign investment attractions for investors VI

countries’ linked currencies by
8^ per cent not only hit Luxem-
bourg hard but also triggered
an urgent reappraisal by
Luxembourg of the monetary
union that has existed since
1922.

The stern deflationary
measures cutting Luxembourg's
real incomes this year that
precipitated the unwonted
general strike were almost
entirely in response to the-
devaluation. Luxembourg calcu-
lated that the devaluation
would otherwise have the effect
of pushing the' Grand Duchy’s
inflation .rate, thanks to its
heavy, reliance on imported—
notably German — goods, to an
alarming 12.5-13 per cent this
year. More fundamentally, the
Belgian Government's abandon-
ment of its long-held policy of
resisting devaluation made it
plain to Luxembourg that the
traditional economic partner- -
ship is increasingly a marriage
of two divergent economies.
Belgium’s economy is now so-
hard-hit that Kredietbank, the
thrusting Flemish No 3 clearing
bank, recently described it as
“touch and go,” while Luxem-
bourg’s is still resilient

Whatever the next few years
hold in store — assert Lnxem-
bourgeois politicians like Paul
Helminger. the Secretary of
State who is No. 2 at the
Foreign Affairs Ministry — the
Grand Duchy will remain “a
good deal better off than neigh-
bouring countries." It is a polite
and elliptical way of painting
out that Luxembourg's anxiety
is nowadays that it maxwell be
dragged down by Belgium’s in-
creasing economic decline.

The fact remains that
Luxembourg’s options are
extremely limited. Had it re-
fused to go along with
Belgium’s devaluation, for in-
stance, It is quite possible that
because of their substantial
Belgian franc holdings the six
major Luxembourg hanks would
have found themselves in a

CONTINUED ON NEXT PAGE

critical position.

More. to the point, perhaps,
Luxembourg can scarcely d are-
te operate its own independent
currency for fear that specula-
tive pressures would wipe it out.
Nor can it easily hitch its money
to the coat-tails of some other
European currency. Neither the
Netherlands nor West Germany
is keen to see the Luxembourg
franc grafted on to its currency
and an idea inside Luxembourg
whereby the Grand Duchy would
take a leaf out of Austria's book
and unilaterally peg its cur-
rency to the D-mark was
torpedoed apparently' by
Luxembourg’s - own delicate
politics:

The political party that re-
presents World War n forced
labour deportees and those
people who were “.cnroli de
force ” into Nazi Germany’s
military machine still exert
powerful influence in Luxem-
bourg politics and is under-
stood . to... have sternly opposed
such a move.

The chances are that, failing
any fresh monetary disturbances
that once again put the Belgian
link in question (such as an
autumn devaluation of the
French franc might do by
effectively revaluing the D-mark
once again ris-i-vis the Luxem-
bourg franc), the Grand Duchy
would prefer not to tackle the
currency question. Meanwhile
its embryo central bank, the
Luxembourg Monetary Institute,
is being set-up at a leisurely
pace and may come into being
in 1983.

Luxembourg's self-assurance
in this whole area has not been
helped by recent developments
affecting its vitally important
banking and financial services
sector.

The scandal surrounding
Italyte Banco Ambrosiano and
Its failed Luxembourg subsi-
diary. Eanco Ambrosiano Hold-
ing, has placed an international
question mark over some of the

, HEHICH

■' -^aBettembourg „ .

iiaci.h:pfi3w,tS || w l ”*fc»^ on SP r f lesEains.

Differdange®

^ “7Sclii f flange , % ( ^V BHm f
ESCH&ALZETTE • - T _ ‘

>Du<fe(ange

G ' E

r

Area:

Population:

365.000

Currency: francs; S= LuxFr. 48.43;

£= LuxFr. 82.55

Inflation (july, 1982:

9A%

Luxembourg's Prime Minister,
M Pierre Werner. The decision
in February by the ruling
Centre-Right coalition of Social
Christians and Democrats
(Liberals) to impose unpre-
cedented austerity measures,
aimed at preventing inflation
reaching double figures, has not
dented the coalition's comfort-
able majority in the Luxem-
bourg Chamber.

GNP. 1980; LuxFr. 169.3bn
(55-307bn):

GNP per capita LuxFr. 465,205
($15,903).

GNP. 1981 esfc, decrease In real
GNP of about \S% on 1980

Trade: exports, LuxFr.l08bn;
imports, Lux.Fr.112.58bn (1980).

Unemployment, 1981: 1.0%; June,
1982. 1.1%

Industrial production (1975=100):
1930=1081); 1981 = 10011; May.

(982, 108.0. . - •

Crude steel production (*000
tonnes):

1980: 4.619; 1981: 3,790.

Employment In steel industry
(1975=100):

1980=77.1; 1981=73.6; April,

1982. 69.9,

NICE TO MEET YOU!

You know perhaps we arts

The domestie markefs number one;

The most tight branch network throughout Ihe country.

But Caisse d’Epargne de i’Etat also is:

A constantly growing international department;

One of the promoters of Luxembourg's newly created gold marked.

• - A

Doing business with us is to rely
(to what tradition offers the best

CAISSE D’EPARGNE DE L’ETAT

LUXEMBOURG STS'.,

Head Office: 2954 Luxemburg, i. place de Metz
Tatax: 2287 Epacha. 2839 Epadi, 3417 Epacom, 1535 Epafonct, 3456 Epalit
* * Tetaton: 29851/ 470401

...

" rt ->-’ { **M*** .. .*■

.1:.. rJ’fcf.tffc&f'f ;:f • ... ..

* • ' ' . , i: .- :?*- •' ■ v - - f

.

r.

mw-

Investors find in Luxembourg all the
facilities which made that city a highly active
financial center.

We have been established locally since 1919
and a re a founding member of the Luxembourg Stock
Exchange. With their competence, financial flair and
international expertise, the people of Banque Generate
du Luxembourg have contributed in the creation of
this strong financial center, and have continually
participated in its development

Our services range from opening a simple
account to ihe management or your porttolio - and

indudeall securities and foreign exchange operations „ v

as well as deposits of Euro-currencies. V\fe also partiri- the services of one of the most important Luxembourg
pate in the issuing of Euro-bonds and the granting of banks.

Euro-credits. A strong bank in a strong location.

Banque Generate du Luxembourg is also
ready to assist in the incorporation cf holding
companies and to perform all duties in connection
with their registration, domicile and administration.

In choosing Banque Generale du Luxembourg,
you participate in all the advantages deriving from a
Luxembourg banking location and you benefit tram

27, avenue Monterey L-21 63 Luxembourg Te!. 47 99 1
Telex 3401 bgl Iu-2742 bglex lu (Arbitrage, Euro-currencies) 2471 bglbo lu (Securities Trading)

12

Financial Times Monday September. ^ : aSfe -

THE INTENDANCE OF INTERNATIONAL CONSULTANTS s.a.r.1.

. KNOWN INTERNAT1QNALLY AS

' . . ^THJE consultancy: "

LUXEMBOURG
WITH .OFFiCES ■ -

LONDON GENEVA NEW YORK!. TORONTO MIAMI
JOHANNESBURG SAN JUAN (P.R.) : '

WAS FOUNDED IN LUXEMBOURG

IN 1967 ... ;

AT THAT PARTICULAR FOINT IN TIME
WHEN THE DEUCATE BALAMCc'OF PHILOSOPHICAL '

POLITICAL AND MONETARY POWER COMMENCED TO - -

SHIFT AWAY FROM PREVIOUSLY ACCEPTED CONCEPTS
FOR

•- ■ , ■ : : f . * THE PRESERVATION OF INTERNATIONAL WEALTH
• ? THE CONSULTANCY

• PROVIDE ADVICE AND SERVICES IN SITUATIONS
""*■ REQOiRINC PRESERVATION OF 'EXISTING WEALTH
'AND ; BRIDGING THESE DIFFICULT TIMES INTO THE IMMEDIATE FUTURE
*• *■-- ' 4 CONSULTATIONS FOR

PRIVATE WEALTH
TRUSTS

: FINANCIAL INSTITUTIONS

6 Boulevard Pescato re,- Luxembourg— Tel: (352) 481941, Telex: 1386 ONTACT

ORIENTAL CARPET CONSULTANTS sjajrJL

SPECIALISED IN- RARE AND EXCEPTIONAL EXAMPLES

AND COLLECTIONS OF ORIENTAL RUGS , '

INTERNATIONALLY KNOWN AS".*

:m:: * ■ O.C.C

ANNOUNCE THAT JANUARY 1983
. . . THEY WILL OPEN . THEIR SPECIALISED DEPOSITORY

= - -WHICH INCLUDES RESEARCH LABORATORY, LIBRARY AND'

COMPUTER TERMINAL. -
WITHIN

: T. THE FREE P0RT.QF'VMY (VAUD). . .

• . . . . • Switzerland ' • :

TO AUGMENT THE COMPREHENSIVE SERVICE ' '

. THEY PROVIDE TO THEIR CLIENTS INTERNATIONALLY

- MEDIUM AND LONG TERM PLACEMENT '

- CONSULTATIONS AND-. EXPERTISE

-VAULTS AND PRESERVATIONS

. FOR ■

. t PRIVATE AND INSTITUTIONAL INVESTORS
. - COLLECTORS. AND INTERNATIONAL : DEALERS

6 Boufevard Pescatore, Luxembourg— Tel: (352) 480920, Telex:.1386 LUX

Offices: • London,.Nevv : York, Toronto, Johannesburg. Amsterdam, Frankfurt, Geneva,
Zurich, Parrs, Naples, Miami; Honolulu, Caracas.

LUXEMBOURG H

The Duchy is scoring successes in broadening its manufacturing base

Austere moves to fight inflation

LUXEMBOURG is inclined to
be' mildly schizophrenic on the
subject of international influ-
ences. on its small open
economy. It has greeted with
considerable enthusiasm the 115
foreign banks whose presence
makes the Grand Duchy a fore-
most centre of the international
Euro-market for capital. At the
same time it finds it hard not
to he deprecating and down*-
right resentful at the way other
and larger industrial economies
have in. recent years sapped
Luxembourg's own economic
resilience.

As a relatively small state
that has long combined enthusi-
astic support for the European
ideal with its own prickly pat-
riotism, Luxembourg's ability to"
reconcile conflicting views of
international influences is not
in itself surprising. But it is
perhaps - a measure of the
impact that worldwide recession
is now having on the Grand
Duchy that the spirit of resent-
ment currently appears to have
the upper hand.

For left to Itself Luxembourg
Can even today demonstrate an
impressive ability to manage its
way out of economic crisis. With
the crucial steel industry still
shrinking, so that last year's
16.6 per cent drop in steel out-
put was largely responsible for
an overall 6.8 per cent decline'
in the volume of all industrial
production, ' Luxembourg ' is
nevertheless . scoring successes
in its effort to.- attract new
foreign industrial investment to
broaden the manufacturing
base. . M Paul Helminger, the
Secretary of. ‘State at the
Foreign Affairs Ministry respon-
sible for the foreign investment
drive, now claims that the
Grand Duchy has this year
secured almost all the U.S. pro-
jects that were destined for-
Europe. ;

'Luxembourg’s ..attractions for,
foreign investors remain consid-

erable and doubtless the Est of
newcomers numbering some 33
companies that have been wel-.
corned since 1977 -would be
longer if investments weip .gen-
erally more abundant Lab our
costs in Luxembourg are
- -cheaper* than - in neighbouring
-Belgium an d-West Germany mid
-•}» - the - Netherlands; ■ the • coun-
try's geographical position is at
the heart of the EEC; fa fla ti o n
has been consistently lower than
-the EEC average and the Grand
Duchy offers -competitive tax
and credit-terms. .

But the wry joke in Luxem-
bourg is that it also ^offers plen-
tiful accommodation in the
shape of deserted plant left
by departed multinational cor-
porations, and indeed the small
operation just opened by the
Japanese robotics spedalist
Fanuc does nestle, in a comer
of boil dings once occupied -by
Monsanto before It . closed , its
man-made fibres subsidiary in

Luxembourg.

The effects of " a - sustained
foreign investment drive wiH k
however, contribute: all too little ;
to Luxembourg's' economic posi-
tion in the short-term. Mean-
while It has to wrestle with an
economy that for most of the
1970s withstood the post-1973 .
effects of the oil price shock
remarkably well but since 1979
has been stagnating. -

Luxembourg hopes \ that it
saw the trough of the recession
during 1981, for ‘then 'the pre-
vious year’s minimal 0.5 per
cent Increase in Gross Domestic
Product turned down * sharply
and there was a 3 per cent falL
Steel still accounts for some 30
per cent of industrial produc-
tion, so the 19 per cent drop in

Luxembourg’s steel exports that
year not only depressed indus-
trial production sharply but
also took the visible trade de-
ficit to a record LuxFr 28bn._

Luxembourg’s overall pay-
ments position was saved, by its
: huge LuxFf ‘64bni surplus in in-
visible earnings produced by. its
banking and .financial services
sector. Until recently the calcu-
lation of a payments surplus of
more than' LuxFrs 40bn would
have seemed irrelevant to the
country's main economic policy-
making priorities because of the
60-year old Belgium-Luxembourg
Economic Union (BLEU) that
created a customs union and
monetary partnership between

Economic

trends

GILES MBIRITT

the two countries. Luxembourg’s
surpluses have latterly of course
been subsumed into the huge
payments deficits run by the
much larger Belgian economy.
Despite Luxembourg's best
efforts the BLEU" balance of
payments deficit for 1981
reached BFrs 197bn.

That BLEU deficit, together
with weak exports and dwind-
ling industrial investment,
prompted Belgium’s unilateral
devaluation by 8.5 per cent on
February 22 of this year of the
jointly held franc. That high-
handed decision decision by the
Belgian Government, without

prior consultation, has provided
a focus for Luxembourg resent-
ment -over external factors, for
it has had a major effect on the
Grand Duchy’s own performance
this year.

Inflation has in any event been
moving sharply upwards from its
enviable 1978 . level Of only 3.1
per cent and last year reached,
8.1 per cent: by March of this
year the annual rate of 8.4 per
cent But the effect of the sur-
prise devaluation of Luxem-
bourg’s currency was to push the
iikelv end-1982 rate to close to
13 per cent. To counter that,
and reduce inflation to a prob-
able 10 per cent this year and
next, the Luxembourg Govern-
ment moved smartly In early
March to impose an austerity
prices and wages regime. The
effect of that on consumption,
though, makes it almost certain
that the economy will see zero
growth in 1982.

The fact that Luxembourg,
despite the ending of the
sustained 3-25 per cent average
annual GNP growth enjoyed
from 1973-80, has not suffered
widespread unemployment on
the same scale a$ most other
industrial economies has been
remarkable. To some extent; it
is a tribute to its Government's
w illingness to provide -an
employment safety net in the
shape of the Arbed steelmaker's
u anti-crisis division ” that pro-
vides subsidised non-steel jobs
for redundant steelworkers.
Although Luxembourg's steel
employment dropped by 30 per
cent from 1974-81, a loss of
over 8,000 jobs, overall employ-
ment actually increased by
some 0.5 per cent during that

period and in 1981 there were
1,600 registered unemployed, or
one per cent of the workforce,
The due to the Grand
Duchy's success in. keeping
joblessness so low may He,
however, in the -Paris -based
Organisation ' for. " Economic
Co-operation and. Developments
assessment of the ' .situation
earlier this year. Although
during 1980-31, it noted, ? there
has been some deceleration of
real wages, this has been •
accompanied by a considerable
slowdown in productivity." As
it is, Luxembourg unemploy-
ment has so, far this year shot
to 3 per cent of the workforce
and man}' observers . expect it
to rise further — although not
to the double -digit - levels
common to most neighbouring
industrial areas.

The ripples -of . -Belgium's
franc devaluation have .still to
die. down and Luxembourg is '
still casting doubt over its
overdue ratification of the
BLEU extension protocol. But
like the realists -they are the
Luxembourg authorities seem
privately to. recognise that not
only is a monetary go-it-alone
breakaway out of the question
but also, that, more important,
good domestic, -economic
husbandry is the key j to the
Grand Duchy’s future.

The exercise in ?- political
will" that clawed the 1933
budget deficit needing to be
financed down to LuxFr 400m,
or L9 per cent -of GDP, from
both a projected LuxFr fifibn
and a 1981 level of 3.3 per
cent of GDP is something of
an object ‘ lesson for other ,
governments.

An area where quiet

Superior craftsmanship
requires skitt
and experience

Highest quality is an exacting task.
Everywhere. Care an precision are
asked foi; as well as ~a thorougiy
understanding of both the ma-
terial and the \vorkingprocess.
Such qualifications distinguish the
expert. They ■_ guarantee ‘ an
outstanding achievement..
Schroder; Miinehmeyer;' Hengst
is one of. Germany V deeding
private banks. Our main asset is a

team of highly efficient specialists.
They concentrate on finding sol-
utions which come up to individ-
ual requirements.

We are not a bank for everyone and
we are not located everywhere.
Operating from three locations in
Germany mid one in Luxembourg
we maintain the essential flexibility
andmobility to give ourdientsper-
sonal consultation- today asforthe
last 150-years.-

.Our customers havelongbenefited .
from thecompetitiveedgewe enjoy
by intensively pursuing a limited’
number of activities only We pro-

vide our dients with the best
possible service at home and
abroad: through our Luxem-
bourg subsidiary, we offer direct
access to the many advantages of
Euromarket financing.

Schroder; Munchmeyer; Hengst
take pride in being experienced
international hankers.

SCHRODER, MUNCHMEYER,
HENGST INTERNATIONAL S. A.
25 c. Boulevard Royal
Luxembourg

TeL (0 05 52j 2 86 61Tx. 2412 smhflu

Den norske Oeds&ank

Norway is .the country
of shipping and energy.
DnC, Norway's largest
commercial dank, repre-
sents 125 years of
_ successful banking.

, From Luxembourg we
- offer corporate banking
services to customers in
Continental Europe.

21, Boulevard du
Prince Henri
POB 297
2012 Luxembourg
Tel. 21 101
Telex 1776 dnclu

consensus

IT IS a tribute to the spirit
q£- quiet consensus: prevailing
in Luxembourg politics that the
emergence of economic difficul-
ties over the past two years
arid’ recent . . tensions. . . with
Belgium over monetary affairs
have scarcely caused a ripple
in the. calm waters of the Grand
Duchy's -political life.

. • The -derision last February
by the ruling- Centre-Right coali-
tion of Social - Christians and
Democrats {Liberals) to Impose
an unprecedented austerity pro-
gramme designed to ’ prevent
inflation reaching double figures
this year has not dented its com-
fortable majority in the 59-mem-
ber Luxembourg Chamber or
led to any significant rise ‘.in
support for the opposition Socia-
list Party.

Scandals involving the alleged
embroilment of a police snperuv
tendant, George Rauchs, in the
underworld and the flight of
the Luxembourg-based Ambro-
siano Holding Company have
similarly left the popularity of
Prime Minister Pierre Werner’s
Government largely unscathed.
Like most Luxembourg coali-
tions, it looks set to last a full
five-year term until the next
scheduled ejections in 1984.

• The character of the country’s
politics is aptly expressed in the
personality of M Werner. Prime
Minister for 18 of the past 23
years. He is a prudent straight-
talking figure who embodies the.
Christian values and bourgeois -
conservatism that have con-
sistently dominated Luxem-
bourg’s political and social
scene. -

His party, the Social Chris-'
tians, has been out of- govern-
ment only once in the past 50 .
years and has had as determin-
ing an influence on the country’s .
politics as the Cttfstian Demo-
crats in post-wSS* Italy; -. It is 1 -
not for nothing that the/
staunchly Catholic ; Luxem-
bourger Wort Is by -far the
country's best-selling newspaper
and finds its way into most
Luxembourg homes. /

The last elections In 1979'saw,'
a strong swing to . the Social'.
Christians, who had suffered
their most crushing post-war
defeat in 1974. when they won’
just 18 seats and were' thrust
from power by a' coalition of
Gaston Thorn's Democratic Party
and the Socialists. 'This Centre-
Left Government pushed
through a - series of liberal
reforms, including the legisla-
tion of abortion and the
abolition of the' death sentence. -

Luxembourgers rejected it
overwhelmingly however, at the
last poll, voting the Social
Christians back into power with
24 seats, just two fewer than
their .best post-war showing in .
1954. M Werner’s party quickly
formed a. coalition with the
socially reformist but .economic-
ally .conservative Democrats,
who won. 15 seats, ' one. more
than in 1974. .......

For the Socialists, who have
their- power base= 4n ti*e fodus-.
■trial -south of the.. country; the
elections Were a disaster.; They
took just -14 seats; ^heir worst
showing since- 1948. : Since ' then
the- party, the third, agnificam
force in Luxembourg politics,
has been unable to make much
political -capital out of the coun-
try’s economic problems.- Its
outline proposals; yetiobe for-.
maDy: adopted, for the nation-

alisation of the struggling Arbed
steelworks have appeared- to gain
scant support

The party, led by M Robert
Kriets, a former lawyer like
most Luxembourg pottticians,
did, however, gain broad back-
ing for what amounted to* a
general strike last April',' the
country's first mass strike in "60
years. Called in protest at the
Governments austerity-- pro-
gramme, which suspended the
indexation of wages, the strike
has since been played down Into
* Kttie more than a -minor gesture
of displeasure. Officials 6ay tile
Government now has broad back-
ing for its economic policies.

But tiie maintenance of the
Government’s popularity could
depend on its ability to achieve
its declared aim of bolding infla-
tion, currently mound 9.4 per
cent, to under 10 per cent this
year. The National Statistics
Office* is. predicting 12 per cent
inflation, a figure which the
Grand - Duchy's" traditionally
prosperous population may find
bard to accept The possibility
of a prolonged- price freeze has
been aired but the Democratic
Party is not enthusiastic and the
harmonious relations of tile
coalition partners could become
strained over this.

Another potentially disrup-
tive issue is that of the coun-
try's monetary union with Bel-
gium, which has come under
sharp strain since tiie Grand
Duchy was reiuctanly forced to
follow an 8-5 per cent devalua-
tion of the Belgian ' franc last
February.^, This was. sorely re-
sented by Luxembourgers, who
looked, to foe Government for -a
firm response. . ' i

- Until -how M Wernert coali-
tion Ires succeeded In giving
tire impression . of actively
examining alternative monetary
arrangeme n ts while avoiding
any precipitous step. But
; failure to react decisively to any
■frrrther disadvantageous change
- in European currency parities
could be very costiy to the

Government The Socialists,
meanwhile, have gained some
support with a call for the franc
to be linked to the Belgian,
Dutch and West - German
currencies. - -

In general, however, the coali-
tion seems rock-solid, with its
hold on two-thirds of the seats
in Parliament and broad sup-
port throughout the country.

Political

.scene

MORRIS KINGSLEY

“Premature elections are
virtually unknown here. Com-
promise is preferred to con-
flict,” one government official
said.

Hie political permutations of
the Grand Duchy, with Its
elaborate system of propor-
tional representation, are in any

case ^limited. '

The 207,000 . electors ..of the
Grand Duchy have as many
votes as there are seats in 'their
electoral district Parties con-
sistently call on them to vote
straight down the lists they
present but their call is usually
widely ignored.

In an indication of the extent
to which consensus and person-
alities dominate the. politics of
the Grand Duchy, as many as
20 per cent of voters generally
“mix" their choice, opting for
candidates from two or more
parties, while more than that
accord two or more votes to one
candidate. “ It’s -the politics of
tiie village green. Everybody
knows each other, * the official
said. -

Seats wi thin each district are
allocated to each party on 1 a
strict basis - of proportional
representation. The parlia-
mentarians to fill the. seats axe'
then chosen on the basis of the
number of personal votes , they

have received. It' is. a system
which produces broad con-
tinuity and the loss by one
major party .of three' or more
seats ' in an election may be
justly regarded as a violent
swing.

The Social Christians’ domi-
nation of this political structure
is such that the question of
who will succeed Mr -Werner
has become perhaps the most
burning political issut 'in the
Grand • Duchy. ■ The Prime
Minister, who is 68,' has made
it dear, that - he will only
reluctantly take obl- : another
term.

His protest is 48-yea r-oid
Finance Minister Jacques
Santer, who took over the presi-
dency of the party in 1974, at
the lowest ebb in its political
fortunes, and has helped to
inspire its recent ascendancy. A
moderate figure w h° appears to
have .moulded his Apolitical
personality on M Werner’s, he
has strong support in. the cen-
tral district but is less well
liked in the south.

• M Santer will be o6liged to
hand over the leadership of the
party at its Congress in, Novem-
ber after serving two four-year
terms. One favourite for- elec-
tion is Francois Colling; 41, who
is popular in the south where
he has been active in the. Social
Christian trade unions. Another
potential candidate is H Marc
Fischbach. 35, a dynamic young
member of the party who is also
a member of the European
Parliament

None of these figures can,
however, co mman d the country-
wide respect that M' Werner
has established in some 30 years
in politics. His retirement will
mark the end of a political era
for the country. Without him
the Social Christians would do
well to- maintain their 1979
showing at the next elections,
whfle the Democrats may get a
boost from the expected return
fifom Brussels of the other
major figure in Luxembourg
politics, Gaston Thorn.

ahead

continued from previous PAGE

Grand Duchy's regulatory re-
quirements for financial institu-
tions. Luxembourg Ministers
now indicate that there is likely -
to be some re-examination of tiie
.regulations, particularly in re-
lation to Luxembourg-registered
bolding companies as distinct
from the major international
banks that in fact representihe
solid core of the financial sector.

That sector, - In - Its -turn,
represents the solid core of
the’ whole economy. Although
financial . sendees provide .
only 5 per 1 cent of employ-
ment in Luxembourg, against
some 12 per cent for steel they
make up the bulk of a services
sector that accounts for over
half of Gross National Product
■ Despite tiie slowdown of Euro-
market activity, of late; wfaldt
bas in ■ turn depressed ■ tiie
Luxembourg . Government's tax
revenue from 'tiie .banks, tiie
number of banks, has continued
to rise. *niere.'tre now 115 in
Luxembourg, as against 108 at
the end of 1979, and their total
balances have gone from LuxFr
3 ,917b n at tiie end of 1989 to

some LuxFr 5,000bn at. tiie
beginning of tifis year.

■ Luxembourg is, however, con-
cerned that the sector should
diversify away from being
largely a capital market and.
concentrate more, on such areas
as Insurance and portfolio man-
agement The spectre of a mass
desertion of the international
banks no longer, haunts Luxem-
bourgers but consolidation of
the sector is sfrH a priority.

Tfre days when Lux emb ourg
appeared an island of pros-
perity in Europe are gone, even,
though the Grand Duchy still
dings to the top Of the ^EC’s
per i. capital . wealth .chart
Besides if_a distinction were
made .to separate off the mainly
Portuguese Immigrant workers
who now. -account for a large
and growing proportion of the
third of the population that Is
not native, Luxembourgers
Would score still higher. But
this year the 'economy Is ' due
to : stagnate with zero growth—
a Slight advance on tiie —2 per
cent suffered m 198I-— and . the
structural problems of the' tradi-

tional industrial economy are
likely to worsen in the yejirs to
come. ■ ' .

There is little anticipation,
though, that the downturn so
farvrill unseat th^ present Social
Chris tianDemoeratk Party

coalition led by veteran Premier
M. Pierre Werner, when Luxem-
bourg’s electorate - of some
100,000 or less goes to the polls
next in mid-1984.

Luxembourgers’ broad sup-
port for the Government is in
part a reflection of the respect
it has earned. Bu t it also, owes
a . good deal to their 'reaction to
perceived 1 threats from- outside
the Grand Duchy,. Luxem*
bourgerS combine, ‘a .statach
1 faith In .the : d5pHf cobwihhuiu-
.fufre.bf the ESC .with a prickly
national , pride, and both, were
offended by' a. recent, ibid led
by West .German EuroSfEs to
remove the Secretariat of the
European . . Parliament . from
Luxembourg. The Government's
role in- - helpfrig io foil ' such
moves c^mpied the . pisudjts it
earned - in copfestin? Belrimn's
unilateral deyatoat

m

m

lUi

Why the Duchy’s environment is now more complicated

worries the banks

LUXEMBOURG -IS a small
economy -Kostiag a large
. number of international banks.
- The puchyYemphasis on finance
suggests an affinity, with off-
shore tax havens Ipse Bahrain
.or Nassau — but Luxembourg's
financial sector is In fact
; neither off-shore nor tax-free. :
...Indeed., their involvement
with domestic business and
their concern over .local taxa-
tion are' both "matters, which
; have been well to the fore of
bankers' minds in Luxembourg
for much o£ the past year.

While the Duchy continues to-
be an attractive centre for Euro-
market activities in several
respects — most particularly by
imposing no central bank
reserve, .requirements — it: has
undoubtedly become a more
complicated ' environment for
the banks*. ■ . . ..

The root cause of the com-
plications, for local business and -
taxation alike, is the serious
decline In the international
value of the .-Be lg ian franc. Zt
is used 'interchangeably with
the Luxembourg.' franc in the
Duchy and both francs have
been joined in monetary union
since 1922..

The Belgian franc has
-dropped heavily against the
world’s leading currencies over
the year.- - It declined 28 per
cent, for example, ' against
the Deutsche Marie between
March 1981 and March 1982.

The Luxembourg franc has
had to go along with it — in
defiance of the fact that the
Duchy remains every year a net
importer -of capital. Adding
insult to injury last February
was an overnight 8} per cent
devaluation of the Belgian
franc which took the Luxem-
bourg authorities completely by
surprise.

Today, the authorities would
dearly like to be able to hold
up independence for the Luxem-
bourg franc, as a viable possi-
bility, at the very least as a
bargaining counter for any
future, talks with the Belgian
Government.

But an end' to the monetary
union in present circumstances
would pose an awkward prob-
lem. According to Mr Ernest
Muehiin, Luxembourg's. Minister
of Finance, an effective revalua-
tion of the Luxembourg franc
by . 10 .. .per ; cent.', against the
Belgian franc might cost the
Duchy's domestic banks about
LuxFr- 15bn.'

The reason for this, is that
Luxembourg itself offers the

banks only a limited supply of
Luxembourg franc (LFr) assets
to match their, corresponding
deposit liabilities. At anytime,
therefore, billions •' of -Luxem-
bourg ' francs . are. lodged in
Belgium,, most of ‘them in the
coffers of the- Government in
Brussels. .

' Moreover', that' Government
has made one! thing very dear:
Luxembourg bar* assets held in
Belgium at the moment of a
severance' of <tbd two francs
would.be repaid in Belgian cur-
rency at the. old exchange rate.

The .Luxembourg Government
has tried without much success
to have additional LFr -assets
made available .for the- banks.

Prospects as a
key financial
centre

DUNCAN CAM P BELL-SMITH

For example, the .Belgian
Treasury refuses to issue LFr-
denominated bills — though it is
notable that Belgian state com-
panies have, accepted credit
facilities denominated and
firmly repayable in Luxembourg
• francs. - -

The alternative course for the
Duchy is to attempt to constrain
the growth of the banks' LFr
liabilities. To this end ‘.it was
last week preparing to intro-
duce Finance Ministry guide-
lines discouraging several cate-
gories of LF -'customer
deposits.

Some of the Duchy’s senior
bankers have grave misgivings
about this course of action, “ We
are introducing : u dangerous
element into our system — and.
we do^not know the end of it.'’
says M Constant Franssens,
general manager of Kreditbank
Luxembourg.

Other bankers have suggested
supplementary action to curtail
speculative deposits in Luxem-
bourg francs, including a two-
tier structure of interest rates
for example.

How Tong the existing parity
of the two francs could survive
this kind of development is a
worry to many bankers. Besides,
could 'the Luxembourg frane
really expect to survive as an
independent currency unit?

Of the 115 bankers established
in Luxembourg at the end of
August, however, fewer than 20
take significant local deposits

and stand to be directly affected
by all this. It Is ,the tax ramifica-
tions of the francs', declining
value • which have caused far
wider dbneern. .

The Duchy’s tax authorities
take a general indulgent view
of the banks’ accounting and
their use of pre-tax provisions.
“No strict philosophy” is the
description used of this
approach by M Pierre Jaajfis,
Luxembourg's Banking Com-
missioner.

But the banks have no special
status in law— unlike those in
Singapore,- - for. , -example— and
must fay. tax at the standard
rates on their income* The
difficulty is that income is calcu-
lated in Luxembourg with refer-
ence to balance-sheet growth
over the year— and the . decline
of the franc .has given rise to
currency gains for many- banks
where equity capital has been
held in stronger currencies
during the year.

A minority of the banks are
allowed by the Duchy to draw
up their accounts in their
domestic currency. These banks,
which include the subsidiary of
Union Bank of Switzerland,
have nevertheless been . re-
quested lo pay tax .on the
.appreciation of their capital in
franc, terms.

The majority of the banks
use the- franc - for reporting
purposes. -This has presented
the banks with two broad
alternatives. Credit Suisse
Luxembourg exemplifies one
option by leaving its franc-
denominated equity in the local
currency. This avoids the tax
difficulty but exposes the sub-
sidiary’s' parent to foreign
exchange losses. Credit Suisse
has sought to limit this expo-
sure by minimising the amount
of its paid-up capital in the
subsidiary and providing subor-
inated debt instead.

The other option, adopted by
the big German banks among
others, has involved using the
franc for accounting purposes
only. Franc-denominated equity
capital has been converted to,
say. D-marks and kept in that
currency through the year.
Here again the Luxembourg
authorities have been demand-
ing that tax be paid on the
difference between the Dmark
values of the franc capital at
the start and end of the account-
ing period.

None of these taxes has yet
been paid. Taxes in the Duchy
are only due within five years
of each relevant accounting

period. Meanwhile,- the banks
have organised their -opposition
and. appointed a steering group
to conduct talks- with the
Government on ways of remov-
ing the. tax.

- The amounts at stake are for-
midable. Bank- of America last
year made pre-tax profits of
$7.4m which -were reduced to
$2.9m after taxes including
those seL -aside -for- currency
gains. Dr Ekkehard Storck,
general manager of- Deutsche
Bank Luxembourg-— still easily
the largest bank in the Duchy—
says his bank’s tax liability over
currency -grins could now
exceed DM lOOjn. , - -

Talks have -‘been going on

- since the beginning of the sum-
mer and M Pferre Werner,
Luxembourg’s Premier, has told
the banks he would like to see
the matter resolved by the end

. of the year.

Mr Muehlln says one way out
of the impasse might be for
the banks to be allowed pre-tax
provisions which could absorb
“most or .even ail of the cur^
rency appreciation." The
Government is evidently keen to
find a solution which would
leave intact . the principle of
using the Luxembourg franc as
the basis of the banks' tax
accounting. The bankers appear:
to remain sceptical of the
Government’s proposals.

Finally, an eventful year for
Luxembourg’s : bankers has
included an unwelcome involve-
ment for the Duchy in the
unhappy affairs of Italy's Banco
Ambrosiano group.

Tbe decision of the liquidated
Milan parent not- to stand behind
the debts of its 68 per cent-
owned Luxembourg subsidiary.
Banco Ambrosiano Holding
(BAH), prompted concern for
a while that the standing of
Luxembourg banks in the inter-
national money markets might
be adversely affected.

This puzzled and upset seme
of the Duchy's senior bankers —
“the fiasco even looked more
of a threat than the rumoured
exposure of our German banks
to Poland, 1 ’ said one. But by
early -September it seemed
clear that real damage had
been avoided.

Most of the local banks attri-
bute much of the credit for this
to the prompt action of M Pierre
Jaans in seeking the explicit
support of their parents for all
the Italian banking subsidiaries
in Luxembourg — notwithstand-
ing the fact, of course, that
BAH was not a bank but a
bolding company. -

Heavy strain on co-operation

UNTIL FEBRUARY this year,
Luxembourg’s close economic
and monetary relationship with
Belgium its larger neighbour,
seemed like a model of har-
mony. Dating from after
World War .1, the Belgo-
Luxembourg Economic Union
(Bleu) linked the two states in
a customs union which served
as a model for later attempts
at European integration.

Monetary union, had come to
mean parity for the two
nations’ currencies and the two'
partners had stood side by side
in the post-war efforts to forge
European economic co-opera-
tion out of the chaos left by
World War H.

In 1957, Belgium and Luxem-
bourg were -founding members
of the European Economic
Community. In 1958 the Bleu
served as a cornerstone for the
more closely integrated Bene-
lux Union- which grouped
Belgium and Luxembourg with
the Netherlands. For Belgians,
Luxembourg banks .came to
provide a convenient haven,
free of withholding tax for
their savings, with no exchange
risk because of the interchange-
ability of the two currencies.
For Luxembourg, Belgium’s
consular . service provided a
cost-free trade ’ umbrella of
diplomatic - representation
abroad. -

Then on February 19. 1982.
the foundations of this har-
mony were violently shaken,
and the whole basis of Luxe&*-~
bnurg's monetary co-operation
with Belgium . thrown into
question. The immediate
cause was the Belgian Govern-
ment's decision to devalue its
currenry, dragsing down with
it the Luxembourg Crane.

In hirtdsight, it is clear that
the storm which broke that
day. had been brewing for
years. - Belgium's recession- '
weakened economy had got in-
creasingly out of step with the
prosperity of the Grand Duchy.
A heavy trade arid balance of
payments deficit had weakened
the Belgian franc, and specu-
lation against the currency had
forced the Belgian National,
Batik to spend heavily from its
reserves

For many in the Grand
Duchy, more than 60 years of
close economic ■ cooperation
began .to show serious draw-
backs. as the disadvantages of
being .allied to what had
become one of Western'
Europe's weakest currencies
suddenly became apparent.

louche event, it was the way
in which the news of the de-
valuation decision was broken .
to . Luxembourg's Prune

Minister, Pierre Werner, which
caused the greatest affront
Only days before, the outgoing
governor of the Belgian
National Bank. Cedi • de
Strycker. had specifically re-
jected devaluation as a cure for
Belgium's economic woes. In
Luxembourg, economists and
bankers knew that such a move
would mean imported inflation
and economic instability for
their. country, whose prosperous-
banking system had brought it
a comfortable balance of pay-
ments surplus. . .

Belgium for its part had
pledged under the Bleu agree-
ments to consult Luxembourg
before, any change in its exter-
nal monetary policy. A new
wind of economic austerity in
Belgium's * recently formed
Centre-Bight coalition Govern-
ment seemed indeed to give
some comfort to those who
were worried about the down-
ward course of Belgium’s
economic prospects. But what
happened that week ' in
February . sent the two
countries* history of economic
co-operation to its lowest point -
erer.

In Luxembourg. Mr Martens’
unexpected announcement was
greeted with dismay. Not only
would tbe proposed devaluation
have severely unfavourable
consequences . for. the .Grand
Duchy, currently in the grip of
unprecedented labqur unrest.
Belgium’s total failure to con-
sult its smaller partner was
seen as an affront to national
dignity. -

After hours of tense debate
in Brussels that weekend, an
&5 per cent devaluation of the
Belgian franc was finally agreed
on. Luxembourg reluctantly
followed sun, holding intact the
two countries’ monetary union.
But the process of disenchant-
ment which began that weekend
is far from ended, and the
future of Luxembourg’s mone-
tary. union _with Belgium still
bangs in question.

The problem facing Mr
Werner and his advisers is just
where Luxembourg should turn
if it decides to break with
Belgium. In fact, the July 1921
treaty of economic union with
Belgium was by no means the
Grand Duchy’s first attempt to
shelter under the broader wings
of. one of its more powerful
neighbours.

For centuries the pawn of
fortune in wars between the
European states. Luxembourg
had only just abrogated, in 1919,
an economic treaty with
Germany dating from 1S48.
When that alliance was broken

off,' the Government turned
instinctively to France, another
victim of the German Empire's
aggression. But France turned
down Luxembourg's advances,
with the result that Belgium,
its other smaller neighbour,
-seemed the only remaining
choice.

Now that the creation of the
European Community has made
war between West European
states unthinkable, one course
might seem to be to re-establish
Luxembourg’s original dose
economic links with West

The Belgium
relationship

NICHOLAS BRAY

Germany, ils main trading
partner. But a decision to tie
the Luxembourg franc to the
mark would run into formidable
political opposition in the
Grand Duqhy itself.

Mr Poos proposed that the
Luxembourg .. franc should be
tied to a basket containing tbe
Belgian franc, the mark and tbe
Dutch guilder. Other proposals
include a link with the guilder
alone, or '.with the ECU, the
European Community’s com-
posite basket of currencies. All
these ideas, however, have their
disadvantages, and Luxem-
bourg's 865,000 citizens by them-
selves are too few to sustain
an internationally convertible
currency of their own.

In fact, since last February,
Luxembourg and Belgium have
started a complex renegotiation
of their monetary arrange-
ments. Luxembourg has already
won the right to issue more
banknotes of its own, in tircula-
tion in the Grand Duehy along-
side Belgian notes and coins.

A bill for the creation of an
independent Luxembourg Mone-
tary Institute, with some of the
functions of a central bank, is
to .go before Parliament this
autumn. But Belgium has so
far. refused to meet Luxem-
bourg’s demands for separate
identification of its reserves,
held in pool with Belgium’s ai
the Belgian National Bank.
Belgian agreement to start cal-
culating Luxembourg’s balance
of payments surplus is likely to
add further fuel to the argu-
ment of those in favour of
monetary independence.

Since last June, the devalua-
tion of the French franc and the

accompanying revaluation of the
mark and the' guilder have
added further weight to the
unilateralists’ position. The
Belgian and Luxembourg francs
dropped by a further 4.5 per
cent against the two strongest
European currencies, making
their total depreciation in the
space of only a few months add
up to as much as 13 per cent.
If the Belgian franc should drop
by a further 5 per cent against
the mark, many bankers feel
that Luxembourg would inevit-
ably be forced into a divorce.

In fact, Luxembourg would
have a precedent for going it
alone in terms of currency pari-
ties, even if it maintained trade
integration under the Bleu
treaties. Between 3935 and I94Q,
Luxembourg did actually
operate a different parity from
the Belgian franc, after refus-
ing to go along with a heavy
devaluation imposed in. Bel-
gium.

The result, in commercial
terms, was chaotic, because
Luxembourg and Belgian francs
continued to circulate side by
side in the Grand Duchy,
though with a 25 per cent differ-
ence in value. Today, the . dis-
ruption might be even greater,
unless the Luxembourg Govern-
ment has time to m ake careful
preparations.

In the debate over Luxem-
bourg's monetary future, - this
eventually is still being actively
considered. An upsurge in
foreign investor interest in
Luxembourg francs, reflecting
speculation about a possible
break with Belgium, has already
led to a sharp rise in trading
in Luxembotirg-franc denomi-
nated bonds on the local stock
exchange. Bankers are talking
of introducing a two-tier
interest rate structure, depend-
ing on whether deposits are
denominated in Luxembourg or
Belgian francs.

Some Luxembourgers specu-
late that the creation of a
Luxembourg Monetary Institute
with a voice at the IMF and the j
Bank for International Settle-]
monte in Basle could be a pre - 1
lutie to national monetary inde-
pendence. {

Ultimately, the outcome of j
the current heart-searching in i
this 61-year-oki ■ marriage j
depends on the success of •
Belgium’s a t t emp ts to rectify its !
economic problems. A decision [
by Luxembourg to divorce
would be a serious psychological
blow for Mr Martens. Bin as
long as the future ^ability of
the Belgian franc remains is
doubt, such an eventuality can-
not be excluded.

“As the senior bank in Europe’s
second financial centre,

Pm sure you’ll find
us well worth knowing.”

BILis Luxembourg's longest-established bank. It Is also
the country’s largest commercial bank and has had the
right .to issue banknotes since 1856.

BILis represented in South-East Asia through BiL
(Asia) Ltd and has own representative offices in London,
New York and Singapore and a worldwide network of
correspondents. In addition, BIL’s international
connections extend to some 120 countries through its
membership of ABECOR, the largest banking
association of its kind in the world.

As at 31 December 1981, BiL's balance sheet total had
increased by 33 % over the previous year's
to Lfrs 176,2 billion*. Net profit was over L1rs360 million*,
and capital and reserves stood at Lfrs 3,790 billion".
BiL's range of specialist services includes:

• Eurocredits

• Eurobonds

• Foreign Exchange and Bullion

• Services for Holding Companies and investment
- Funds

• Portfolio Management

BIL-lntemational banking
from the heart of Europe since 1856

* per 31.7.82 -100 Lfrs =* 2 US$

‘The remarkable growth of Luxembourg as a banking
centre has been matched all the way by our own
development as an international bank. For a variety
of economic and geographic reasons, Luxembourg
has had an international outlook on business and
finance for many centuries. In recent times, Luxembourg
has progressed to the point where it is now second
only to London in terms of banking activity.

Like Luxembourg itself, Banque Internationale a
Luxembourg is also international by nature. Fora
hundred and twenty-five years, BIL has been dealing
with companies, individuals and institutions throughout
Europe and the rest of the world.Today, BIL is able
to provide its customers with a complete range of
banking services, each one backed by a wealth of
experience."

Albert Dondelinger

Chairman of the Executive Board, BIL

"Note: If you would like to find out mqre about BIL,
banking in Luxembourg and how we can help, please
contact my office, or complete the coupon below if you
prefer."

To: The office of the Chairman, BIL,

2, Boulevard Royal, L-2953 Luxembourg

Telephone: 4 79 11. Telex: 3626 bil lu

— Please send me your 1981 Annual Report and
further information about:

□ Banking in Luxembourg

□ BiL's Eurobond services (listing, secondary
market, paying agent, trading list)

□ BIL’s services for the incorporation and
management of Holding Companies and

• Investment Funds

□ BiL's Investment advising and Portfolio
Management services

Name

Company

Address

Q

l|

M

ll

3i

IT

E

I

f

1

a

For international
financing
think BVI and BV

Our international network:

London

Luxembourg

Chicago — .
CtevaJafid-
New York

Los -^Atlanta
Angdm /

Grand' /
Cayman /

Rio da Janeiro/

71 \ XN^Tehr

Tokyo

— Hong Kong
Tehran

SAo Paulo

Johannesburg

Luxembourg Subsk&aiy

BVI, Bayerische Vereinsbank International S.A., Luxembourg,
total assets DM 4.8 billion as of midyear 1982, is a wholly owned
subsidiary of Bayerische Vereinsbank (group assets around
100 DM billion).

Bayerische Vereinsbank

International Societe Anonyme

38-40, Av. Monterey

Bolte Postele481

L-Lux8mbourg

Telephone 42 86 11

Telex 2654 bvilu

Bayerische Vereinsbank AG
(Union Bank of Bavaria)
London Branch
40,Moorgate
London EC2R6EL
Telephone (01) 6289066 '
Telex 8891 96 bvlg

Bayerische Vereinsbank AG
Head Office
International Division
Kardinal-Faulhaber-Strasse 1
D-3000 Munchen 2
Telephone (089) 2132-1
Telex 529921 bvmd
SWIFT: BVBEDEMM

BAYERISCHE

VEREINSBANK

AK.TIENGESEIXSCHAFT

14

Financial Times Monday September' 20 1982

THE LUXEMBOURG SYMBOL
FOR INTERNATIONAL STEEL

Steel and
special steel 1

Capital goods and
plant technology

Wire and.
wire products

ARBED SA

Luxembourg

MecanARBED SA
Luxembourg

Trefi IARBED SA
Luxembourg '

ARBED Saarstahl Gmbh
West Germany

SIDMAR SA

Belgium

Trefi/ ARBED (U.K.) Limited
imperial Chambers,

Prince Albert Street,

CREWE

Soles organization (Steel):

Trade ARBED S.A.

Greet Britain

Trade A RBED U.K. Limited

P.OJJ. 1802. L- LUXEMBOURG
Tel: 47 92 1
Telex: 3407 ait* lu
Cobles: tradeorbed luxembourg

55-53 Great Martbaraugh St. landan W1V TDD
Tel: 01-734 9445 (5 lines) *(0044 1 734 3445)
Telex: 28864

Rhein-Saar"Lux-LB
Your partner in all key Euromarket
banking services

We offer vou:

Short- and medium-term Eurocredits
International syndicated loans
Export financing in all major Eurocurrencies
Money market, gold and foreign exchange dealings
Underwriting and international investment banking
Portfolio Management

Rhein-Saar-Lux-LB

Capital and Reserves Flux 2,342 million
Landesbank Rheinland-Pfalz und Saar Internationa] SA
6, we de TAncien Ath&i&s, RO. Box 84, L-1144 Luxembourg, Telephone: 47592H,Tetec 1835 rpsfci

HOUSED in one o£ Luxem-
bourg's most striking new build-
ings on a part of the Kirehberg
plateau just outside the Duchy’s
main city centre is the Euro-
pean Investment Hank (EIB).

The EIB’s principal task
under Article 130 a • of the
Treaty of Home is to assist
regional development within
the 'European Community; the
dim en sio ns of the task have

LUXEMBOURG IV

The Luxembourg-based European Investment Bank, which assists regional development within the EEC, is among

the largest single borrowers from the Grand Duchy’s own banks.

rise in

of the committee.

Given the need of every EEC
institution to keep a balance
between the European
nationalities on its staff, this
effectively- precluded 21 George
from cons deration as one of
the three new appointments to
the. committee. .

Now working under the chair-
manship of 1C Le Porte are five
vice-presidents: Herr Horst-Otto
Steffe from West Germany; Mr
Richard Ross from the UK; Mr
Noel Whelan from Ireland; Sig
Lucio Izzo from Italy and Mr
Arle Pais from the Nether-
- lands.

\ M George regrets having to
leave hut has --the satisfaction
of leaving behind a dis-
tinguished record of capital-
raising operations at EIB. Over
eight years, during which time
the' hank has - seen three
increases of capital to the pre-
sent $13Rbn, the . bank has
acquired a reputation as one of
the «*anTriPsr borrowers in the
marketplace as well as one of
the most frequent

“In the early years” says M
George, “it was simply a ques-
tion of sorting through the big
banks’ offers- to find the best
conditions for a mandate with
a view to. establishing the best
credit for the bank in the
market Now we are perhaps
more selective. We are empha-
sising more the' importance of
developing continuous relation-
ships with a group of banks.”

The group comprises just
over a dozen leading banks.
Their client is a borrower which
in the past has not been afraid
to steer its own way in the
volatile conditions of the Euro-
bond market, with sometimes
adventurous timing and - an
unswerving insistence on the
very finest terms— as M George
explains, “there are Triple A

clearly broadened under the
impact of continuing recession.

Last year the EIB lent a total
of $2J2bn and the correspond-
ing figure for 1982 how looks
like being lialf as much again.
In the eight months to the end
af August the bank lent Sl.lbn
to public sector' borrowers and
800m to the. private sector. -
While its. lending operations
have continued to expand, how-
ever, it is the treasury depart-
ment a of the EIB which has
attracted most interest in recent
months.

The bank has for some years
been the largest single borrower
in the Eurobond market and a
major presence in the inter-
national - capital market
generally. It was announced on
August 2 that the overall
responsibility for the EIB’s con-
duct in the markets is nbw to
change hands for the first time
since 1974.

The key job in this context is
that of director of finance and
treasury at the bank, which has
been held for eight years by
M Andre George: Be is to step
down in December.

It is no secret that M George
aspired to a place on the six-
man management committee of
tiie bank. .But when a new
committee was appointed for
the next six-year statutory term
in June, M Yves Le Portz, who
is 63, stayed on for another
term as the French president

credits and Triple A credits but
the EIB must belong ;to the
verv top bracket.”

Its borrowing innorations in
past years have included the
first Euroyen issue and. in 1977.
an attempt to introduce a ten-
der auction procedure for Euro-
bonds. “We got? some good
proposals and it went well,"
recalls M George. “But we
have not tried it again. Market

European

investment

Bank

J>UNCAN CA3W8EULSM1TH

conditions have been too vola-
tile — and the bankers in sOme
cases made it dear they, were
not too pleased with the idea.”

Today, in addition to having
access to every major p ublic
market in the world, the EIB
also relies heavily upon private
placements of its debt ' with
pension " and insurance ' com-
panies, central banks and other
financial institutions around the
globe. . .

In this context it draws on its
own h ankin g expertise and needs
no other banking intermediary
in many cases. Several place-
ments have been made directly
— for example, with . Arab
government agencies, including
the Saudi Arabian Monetary
Agency in Riyadh and the Abu
Dhabi Investment Authority.

Private placements account
for about half of the EIB’s
funding at present and M.
George believes the proportion
cpuld grow still, further in the
next few years.

The man to decide this, how-
ever, will be M George’s French,
successor, M Philippe Marchat.
another product like M George
of French technocracy and the
Finance Ministry in Paris.

M Marchat. is 52- and the
present ■ finance director of ■
France's central savings bank
authority, the Caisse des Depots
et Consignations. His banking
background compares .with that,
of M George, who camelo.the
EIB in 1974 from a senior posi-
tion at the Societe Generate,

M George, says -he has no
advice for bis- successor. “ We
will discuss the workings of the.
bank and its place in the
market, of course. But he will
have plenty of ■ experience ef
the markets himself. We shall
have , to compare notes.”

On the other, side of the
balance sheet, meanwhile, the
EIB’s lending programme still
revolves around . three main
priorities, though the pattern
of its lending has altered in
certain details. .

Loans to assist regional
development.' within the EEC
continue to go mostly to infra-
structural' projects as new
Industrial investments in 1981
remain depressed by the reces-
sion. Restoration of Italy's
earthquake-stricken regions,
Campania and Basilicata, was
again a priority in 1981 and
accounted for $315m.

In his June address to the
bank’s board of governors, M
Le Portz also noted in this- con-
text of regional assistance “a
striking change in the distribu-
tion of Bank financing opera-
tions” which included a sharp
fall in the demand for loans in
the UK

A second priority, as indeed
throughout recent years, has
been lending to the energy
sector to encourage diversifica-

tion away' from oil and the

development of 'the EEC’s
indigenous energy resources.
This sector absorbed 5£44bn
last year. equaTto nearly half
of the bank’s lending; - /'

Third, the EB has continued
to support projects, to* the tune
last year of S468m. in some 35
countries outside the EEC but '
of specific Interest to Bur com-
m uni tv. These Include Turkey
bat also the two countries'
aspiring to EEC memfiexship, ■
Portugal. and Spain. ' . ■ ' '!

One other significant develop-
ment in the recent affairs of
the EIB has been the growing
importance of its custody , and .
management of finances raised 1
by the EEC in its own name
and lent under the terms of j
- the New Community Instrument •
(NCI).

M Le Portz noted in his June
address that “a certain rigidity '
in the NCTs' financing mechan- *
isms has hampered' the use of
this instrument.” Now the Com-
mission in Brussels has estab- '
lished a special treasury facility
allowing the EIB to dispense.
NCI funds with the- same flex- '
ibility as its own — ' and the
funds are to be made available i
to a broader range of. projects 1
than in the past . . \

The point of the NCI, intro- \
duced first in 1979 and often;
called the Ortoli Facility, is that
it should complement the I
activities of the EIB. (Some i
35 of its 41 loans to date have 1
been made to projects already,
receiving EIB funds). The j
extent to which its operations'
will now be handled by the EIB
itself is indicative of the
authority and respect which the
bank commands within the
councils -of the Community asi
well as in the international]
capital market

Significant influence on EEC development;

DESPITE -accounting for little
more than OJ. per cent of the
European Economic Commu-
nity’s population, Luxembourg
has exerted a -significant influ-
ence on tiie development of the
EEC over the past 25 years.
Always in the vanguard of calls
for greater European integra-
tion, the Grand Duchy has, tike
other smaller Community
countries; perceived in the EEC
a means not only to gain sub-
stantial financial benefits but
also a voice in international
affairs. The appointment last
year of former Prime Minister
Gaston Thom to the presidency
of the EEC Commission has
both reinforced" Luxembourg’s
traditional commitment to
Europe and provided recogni-
tion of its contribution to tiie
EEC.

As presidents Thom, who, is
54, has pressed for a. strength-
ening of the Community along,
lines consistently favoured by
bis country. He has repeatedly
called for ah extension of the
European Parliament’s limited
powers, the development of the
EEC into a political force
through greater co-operation on
foreign policy and security
issues, increased efforts to
achieve monetary union through
an elaboration of the European
Monetary System (EMS), the
creation of effective joint
policies in fields like energy
and industrial innovation and
the Community’s enlargement
to 12 members. This, for M
Thorn, would constitute the
“Europe of the second genera-
tion” which, he believes pro-
vides tiie only alternative to
decay and disintegration.

Wedged between three other
EEC countries, Luxembourg
would only stand to lose by any
failure to achieve these goals
and a weakening of tiie Com-
munity which it helped to
found. Apart from the impor-
tant benefits accruing to its
farmers, wine growers and
steel industry from Community
policies, the Grand Duchy has
made substantial . investments

This announcement appears as a matter of record only

Svenska Handelsbanken

Flux 250,000,000 1982-1988
Private Placement

Underwritten and placed by

Kredietbank S; A. Luxembourgeoise

Svenska Handelsbanken S. A.

Banque de Paris et des Pays-Bas

pour Ic Gr jnd-Dudie de Luxembourg 5.A.

July 1982

designed to -ensure its fulurg as
a centre of steadily expanding
EEC activity.

On the windswept Kirschberg
plateau just outside the old
city a collection of ultra-modern
concrete and glass palaces
houses • EEC accountants,
bankers, judges, lawyers, stati-
sticians add parliament officials.
For three months of the yea;
EEC Ministers-- also meet' here,
In ati some 3,000 Community
cavil servants provide a signifir

Grand Duchy's

dominant

EEC vole

MORRIS KINGSLEY

cant 1 boost to the national
economy. " The Government has
shown the importance it
attaches to this strong EEC
presence by starting legal pro-
ceedings in the European Court
of Justice designed to ensure
that the 434-member European
Parliament quits Strasbourg
twice a year to convene in tiie
Grand Duchy.

"M Thom’s political back-
ground is intimately tied to this
European identity of the Grand
Duchy. When he first entered
the Luxembourg Parliament in
1959 at th age of 31 as a rising
star of the centrist Democratic
Party, we also became a mem-
ber of the embryonic European
Assembly, where he was active
over ’the next ten years. Fur-
ther European responsibilities
fell to him In 1973 -when he
took over the presidency of the
Community’s federation . of
Liberal and Democratic, parties.
As Foreign Minister and then
Prime Minister between. 1968
and 1979 he established an in-
ternational reputation largely
through his polished perform-
ances at EEC meetings.

Affable, quick-witted . and
sometimes indiscreet, he ; be-
came a papular, figure in the
European Press. Married to a
journalist, he sensed the- Im-
portance of the media. His
image was that of the modern,
relaxed and open-minded poli-
tician, concerned by the prob-
lems of the Third World and
imbued with a commitment to
European unity which cut
through' the' prevarication of
Ministers from - other .member-
states. As Commission Presi-
dent be has striven, often with
difficulty, -to retain this image.

“M Thom’s presidency has
been extremely difficult; tiie
■most trying period of his poli-
tical career.- His public image
is by no means asgood as it
was and there are rumb'
of discontent in the Co
sion.” a senior EEC official said.
In- Brussels the high hopes for
Europe that U Thom's brilliant
rise in the Grand" Duchy had
engendered have largely* faded
as he approaches the half-way
mark in his expected four-year
term.

One major factor behind tins
disillusionment has* been be-
yond his control. The recession
in the EEC over tiie past two
years has left governments,
little Inclined to contribute the'
funds needed for the' develop-
ment of new EEC. policies. It
has encouraged the “accoun-
tant’s : mentality " ■ which M

Thom has often deplored
-among*, member-states, contri-
buted to the rise of protec-
tionist tendencies and provoked
a general pessimism about the
future of the Community.

Against this - background
M Thom’s outline- for 'the
radical -development of the
EEC. contained in his exhaus-
tive and long-pondered Mandate
Report, . has fo.undered. . There
has been nq move towards hew
. CommuBtty ' policies on energy,'
new technology, employment or
the development of less affluent
regions. Governments have
made it : dear they will not
go beyond the 1 per cent VAT-
ceiling on their EEC budget
contributions. The EMS remains
a far cry from full monetary
union. His vision, which -is also
that of the Grand Duchy, has
had to be put into abeyance.

M Thom's presidency has,-
however, seen the return of the
majority vote in ministerial
meetings^-a development' he
regards as essential if the EEC
is to avofo total ' Stagnation.

Despite -his .difficulties
M Thom remains something of a
hero in Luxembourg^ where his
return to. national politics after
four years in ex i le is eagerly

awaited. The impact of his
departure- has, however, been
attenuated' by the success of his.
replacement in the -Democratic
Party and the government 45-
year-old Mile Colette Flesch. A
convinced European like
M Thorn— she spent five years
. working' in the. Council secre-
tariate in Brussels— Mile Flesch
is the first woman to have prer.
sided over a meeting of EEC
foreign- ministers. - • •

•Frankj • garrulous and inde-
- fatigaWe; -. 'die has- impressed
EEC colleagues and successfully
combined the jobs of Foreign,
Economic Affairs and Justice
Mini ster. Liberal in her social
views, she backed the Demo-
cratic Party’s successful cam-
paign for the legalisation .of
abortion, relaxation of divorce
laws and the abolition of caiptal '
punishment. A former student
of law in the U.S., she speaks'
fluent English, French and Ger-
man, as well ' as her native'
Luxembourgish. ■ She is often
tipped ' as v 4 possible Prime

Minister.

If the: European commitment:
of M Thorn and Mile Flesch may
be said to stem from any one
man, it is certainly Sorial-
ChrisSan. Prime Minister Pierre .
Werner, 68, the paterfamilias

of Luxembourg politics and a
man who. has done much to
forge- the Grand Duchy’s EEC
role over the past 25 years.
Straightforward, cautions .and
discreet a man of strong con-
servative. moral .values, he led
the country from 1959 to 1064,
the years during which Luxem-
bourg became intimately Identi-
fied with the functioning: of the
Community.

His air of -substantial, rosy
cheeked well-being epitomises
the bourgeois solidity of the*
Grand Duchy.' Prime Minister-
again since 1979, Mr Werner, a
former banker; has taken a par-
ticular interest in the develop-,
ment of the EMS and has been
disappointed by recent failures
to strengthen the system. As
early as 1970 he was the author
of a- report on monetary and
economic union which served as
the basis , for -a programme laid
out. by EEC Ministers in 1971
aimed - at -ensuring : greater
economic convergence.. -

A veteran of EEC meetings,'
his first r-enthusiaszn ~ for the
Community has not faded and
he remains determined to foster
the Grand Duchy’s wedded in*
terest in the development of
tiie Community.

LUXAIR FLIGHTS

LUXEMBOURG

To Luxembourg- -

Departure' ’

Arrival

Monday to Saturday

r '. .. 0&2O* /,

10.25

Tuesday, thursday, Sunday

• 20.30*

: 22.35

Monday, Wednesday, friday

" :2f.o : o*. r '

■23.05

To London

- . ..Departure

Arrival

Monday to Saturday

";■■■■ ‘ - : ’07rr5 >•:

07.25*

Tuesday, thursday, Sunday . . ... . . s . . , s ,

tSL2s:-::\ r

19.S5*

Monday, Wednesday, friday % . --.v..' ;

;2Q-15*

*From26.09. r 23.io.:Onphourlafor. . .•

As in the past, pheck-in -servitas fqralLLUXAlR flights from Loodon to Luxem-
bourg will be conducted in the AIRFRANCE sector of Terminal NBR 2at ; Heathrow
AiiporLThe LUXAIR counter is located.on the right hand side of the building.
Transit passengers and passengers with, handbaggage only may stiH check-in as
in the past at the boarding gate..- ...

rm

For all inquiries contact .
your travel agency, or 7 /.
British Alrways<0t) 37D5411

Knandal Times Monday September 20 1982

' .{■!».
Ski

LUXEMBOURG V

Although Luxembourg enjoys the highest standard of living in the European community,
the tiny country also has. one of the lowest birthrates in the world

The Grand Duchy faces an

AT FIRST SIGHT, It seems a with 20 per cent in France and to other governments that musi
paradox:- Luxembourgers enjoy 30 per cent in Belgium. grapple with the problem,

the highest standard of living What seems a contradiction, Colette Flesch, foreign minis
in the European Community and however, may well be rather a ter and former mayor of the
yet have what could be the cause-and-effect relationship. city of Luxembourg, said she ii
lowest birthrate in the world— ‘"The decline (in the birth “very worried" about thf
demonstrating what a famous rate) is rather linked to pros- dwindling numbers of her com
native son, Gaston Thorn, perity," said Georges Als, dkec- patriots. The phenomenon “ii
European Commission Presi- tor of Statec, the , national especially marked in - oui
dent, once labelled a "tendency statistical agency in a recent country, and successive govern
toward collective suicide. 1 * study. “ Our elevated living ments have * sought to adopt
The statistics are unmistak- measures to encourage large

able and, to the Luxembourg = • ~ * families.” she said,

elite, alarming. The total t She acknowledged that these

population, which for •. two = «• ia irninlmiin p have not so far paid off. and she
decades was growing by about leHJSwIIUIOUrg . . suggested that the medium-term
2.500 a year, fell last year by ' solution will be to grant citizen

1.000 to 304,000. Of the other W OHuliUrUIu ship to immigrants.

nine Common Market countries, ___ __ ___ “ We have large colonies oi

only Denmark also experienced BRENT BOWES Italians and Portuguese,” she

a decline, but it was propor- — =J * “ w -*— --■**— 1 —

tionately much smaller. Ja ^ a L y «

Moreover, the number of policy of integration oi

Luxembourg natives has been standard is explained in part foreigners into our population,
decreasing by about 1,000 a by it At both the individual and this can partly compensate.”
year for the past 14 years, and national levels, we’ve made Nevertheless, she and others
although- the loss has been savings by reducing the costs pointed to longer-tenn problems
partly offset by the granting of incurred by children." 41 people refuse to enlarge their

citizenship to immigrants. Mr -Als went on to remark families. Madame Flesch

Thus, in 1980, born-and-bred that having children . costs singled out strains in the social
Luxembourgers totalled 271,000, parents, dearly in time and in security system, but added that
down from . 277.000 in 1970, money— both precious commodi- real fear was the “ u ncer-
whije foreign residents — mainly ties to modem couples — and tain future of the country."
Italians and Portuguese who forces them ■ to bear long-term Gaston Thom recently said he
. have flooded the country in the responsibilities. • considered “ the demographic

post-war years — increased -to Another official in Lux era- crisis " to be a “ problem of

93.000 from 63,000. They now bourg who requested anony- survival"

make up more than a quarter of mity, said the low birthrate “ is 14 The fall in the birthrate
the overall population, a pro- not unusual at all. The wealthy threatens to result in a labour
portion unequalled in any tend to have low birthrates, not shortage, an increase in . costs
nation, according to the Govern- just in the West but in the sud a loss of. competitivity,” Mr
ment developing countries as well.” Thorn said.

The records show that Luxem- largely because of their “The ageing of the popula-
bourg women are m a r ryi ng familiarity with birth control tion will also lead to a rise m
later, planning smaller families, methods. health and old-age costs. But

spacing their children out more, “ Luxembourg is a micro- what is most serious, I fear that
getting more abortions, and cosm,” he asserted. relatively soon the decrease and

divorcing more frequently than If this is so, its. experience the ageing of the population will
did their mothers. The result with negative population growth enfeeble economic dynamism at
has been a slide in the birthrate could portend similar declines the precise moment when com-
from 16 per 1,000 in the so- elsewhere, and the methods it petition from younger countries
called baby-boom years after eventually adopts for countering endangers our traditional in-
World War II— and this was the trend could be instructive dustries."
lower than in most other
Western countries— to 8-9 per

1.000 today.

This means the average

female is bearing only 1.3 chil- "T* JL I* P _

dren now. compared to 2.35 in I \T Q T ArC . /'All PT^P
the 1960s and far below the Illy LIJ I vllvl W

"replacement level " of 2.1 that “*"'*"*' W
would assure a long-term stabili-
sation of the populaton. a

It all seems somehow para- ■*•*%<*** /v /\ /\ 4- n x

doxical, for young Luxembourg | S-l || CX P ( J I \

women today have so many JL lillHV V/ A U 1

more comforts and conveniences
to ease the job of child-rearing

theh- d THE space of a few authorities, is where a future

great-ST^ %!o years, says Mr Ernest Muehlin.

Luxembourg

Conundrum

BRENT BOWES

standard is explained in part
by it. At both the individual
and national levels, we've made
savings by reducing the costs
incurred by children.”

Mr -Als went on to remark
that having children . costs
parents, dearly in time and in
money — both precious commodi-
ties to modem couples — and
forces them ■ to bear long-term
responsibilities.

Another official in Luxem-
bourg who requested anony-
mity, said the low birthrate “ is
not unusual at all. The wealthy
tend to have low birthrates, not
just in the West but in the
developing countries as well.”
largely because of their
familiarity with birth control
methods.

“ Luxembourg is a micro-
cosm,” he asserted.

If this is so, its, experience
with negative population growth
could portend similar declines
elsewhere, and the methods it
eventually adopts for countering
the trend could be instructive

to other governments that must
grapple with the problem.

Colette Flesch, foreign minis-'
ter and former mayor of the
dly of Luxembourg, said she is
“very worried" about the
dwindling numbers of her com-
patriots. The phenomenon “is
especially marked in- our
country, and successive govern-
ments have 'sought to adopt,
measures to encourage large
families,” she said. .

She acknowledged that these
have not so far paid off. and she
suggested that the medium-term
solution will be to grant citizen-
ship to immi grants.

“We have large colonies of
Italians and Portuguese,” she
said. “ We’ve softened our
(citizenship) Jaws to pursue a
policy of integration of
foreigners into our population,
and this can partly compensate.”

Nevertheless, she and others
pointed to longer-tenn problems
if people refuse to enlarge their
families. Madame Flesch
singled out strains in the social
security system, but added that
her real fear was the "uncer-
tain future of the country."

Gaston Thorn recently said he
considered ' “ the demographic
crisis" to be a “problem of
survival"

“The fall in the birthrate
threatens to result in a labour
shortage, an increase in . costs
and a loss of competifcmty," Mr
Thorn said.

"The ageing of the popula-
tion will also lead to a rise in
health and old-age costs. But
what is most serious, I fear that
relatively soon the decrease and
the ageing of the population will
enfeeble economic dynamism at
the precise moment when com-
petition from younger countries
endangers our traditional in-
dustries.”

Investors offered wider
range of services

national investors to deposit
their funds — but it is not the

rreat-erandmothprs. who years, says mr r/rnesi auamu, expumiun ^ r ul

bought into the world an Luxembourg's Finance] Kinisfer. folio management capabilities 1 ° 1

average five or six sons and
daughters.

Pe ndenc e on steel to a huge
dependence on banking. That

“ we have moved from one comes in.

kind of monolithic economy to The inverse yield curve which

another — from a complete de- has so often prevailed In the

an overly formal centre.

“ Our intention is to continue
relying on persuasion wherever

_ A W Hf Tn«inr> ** Di ■ +

in.em.tton.1 £mTSi recent £££&«>! ‘JSZ

all if calculations are based on
purchasing power parities.

There are 520 telephones for Duchy than in the past few
every 1,000 residents, compared years of rapid growth, however,
fo 374 in Germany and 285 in the process of digestion will be
Italy. The country's steel much assisted by a sustained
workers are the highest paid in development of the business
Europe, and almost half own activities of the existing sector,
their own homes, compared And that, say the Luxembourg

persuasion can sometimes work
better against a background of
formal legal powers.”

Additional proposed legis-
lation already in the pipeline
includes a draft statute to form
a central bank institution, which

dependence on banking. That yearwffering investors a

is going to take some digesting." higher yield on short-term t?5^Ji!^* r0Und f

While there may In future jjSJSJentSSis maST It «2S Additional proposed legis-
be fewer new banks m the t Duchv*s banks to lation steady in the pipeline

Duchy than in the past few substantial deposits deludes a draf t statute to form

years of rapid growth, however, accumulate Mbstanuai oeposns a cpntral banb institution, which

the process of digestion will be The challenge for -mem no ^ put Lirxem-

much assisted by a sustained is to keep hold of these funas bourg’s parliament before the
development of the business aod in a P°* ltlon , 10 °“ e fl a end of the year,
activities of the existing sector, broader range of services to me A draft law on regulation
And that, say the Luxembourg customers. “ Ia \ Jl ave T “f*f of investment funds was one

i attracted, says M Pierre Jaans. conseQuen ce of the IOS debacle

j Luxembourg's Banking Com- in 1972 md is ^ planned _

I j mission er. • ric>cnit<> pnrilMS ripUn: raiispri he

A prime location
for your industrial
project

Luxembolrg

• - a central location in the middle

of the EEC with a potential
market of 260 million people

• an unparalleled political and
economic stability

• a bi lingual and even largely
tri-lingual population
{French, German, English) and
an important English speaking
community

• a friendly Government and a
helpful Administration

• a skilled and officiant labour
force

• the world's best industrial
relations : no strike in the last
30 years

• a financial centre of world
reputation

• a full programme of incentives
and generous aids for exports

'A nunmetenf tM» If propmd to «nt»r Us negotiation* on tha
tacomtm pufcaa# wMch eon bo offend tor yaw bwastmant project.
y«t) on abound of poroonoJ attention at ill Ionia of GnoarmnenL

A draft law on tiie regulation
of investment funds was one
consequence of the IOS debacle
in 1972 and is still planned —
despite endless delays caused by

M Jaans says he has no illu- an eec study of the subject,
sions about the limited extent The Luxembourg authorities
to which any government can are a Ls 0 hoping finally to
give a lead to this sort of de- clarify the operation of
yelopment and it is readily acfc- trustee arrangements in the
nnwledged in Luxembourg that D UC hv.

progress

necessarily

Above all, perhaps,

slow. The Duchy will hardly mittee of experts under M Jean-
become a mini-Switzerland over- Nicholas Schaus, the deputy
night. Nevertheless a good start banking commissioner, is still
has been made. working patiently to improve

. Banking secrecy has a long any aspects of Luxembourg law
tradition in Luxembourg. But it which might compromise the

smooth working of portfolio
— ■ ■ management services.

The committee is looking, for
Banking and 'example, at transfers of claims

u between creditors, fiduciary

fl accounts documentation and

“ Gie arrangements for holding

management b

DUNCAN CAMP BELL-SMITH always working steadily to in-

crease the number of countries
with which Luxembourg has
double taxation treaties — so far

v i__.in.lv they include Germany, Austria,

was becoming increasingly un- Fr ^ ce Belgium. Iceland,

certain until last year how the Ire]and Brazi j lhe uk, the U.S.
authorities, given a cno s. and ^ x^eriands.
would reconcile this tradition mat ^ faFi are ^
with a need to cooperate with of a]] thjs activity? Lusem-

other international regulatory bourg's Su-iss bank s have an

agencies. understandable lack of interest

The 19S1 Banking Secrecy Act in fl,e subject and the German
removed this uncertainty by batiks appear similarly in-
specifying exactly those situa- different,
tions in which a bank could dis- Some of the Duchy’s French
close information without incur- and US. banks, on the other }
ring legal penalties. Informa- hand, are setting great store by
tion can now be passed by a the growth of their “private
bank to its overseas parent, and banking " activities — emphasis-
via the parent to a supervisory i ngi according to Mr Patrick
authority, about an asset ex- Cuningham of the Bank of
ceeding Sim and a liability to .America, the cheap adrainistra-

a bank exceeding $ 2 rl

tive costs of an account in

Items are protected by Luxem- Luxembourg and the scope for

bourg's penal code.

elaborate service in view of the J

The code does not prevent limited number of accounts so
disclosures about holding com- far in existence,
parties. Recent statements In The record to date suggests.
Italy to the effect that informa- they say. that Luxembourg
tion about Banco Ambrosiano appeals rather more to private
Holding was blocked by Luxem- individuals than to institutions,
bourg secrecy laws were mis- Mr Edmond Israel, a director

Board of Economic
Development
Ministry of Economy
19-21 fioulevard Royal
P.O.B. 97

L . 2010 Lunrmbourt

Tet: < 352) *7 94 231
Telex: 3464 «co lu

Embassy of Luxembourg

Ambassador Roger Hastert
27 Wilson Crescent
London SW1X 85D
United Kingdom
Tel- 01-235 6961

taken on this point.

Banque Internationale

On August 10 another impor- Luxembourg and chairman of l
taut new banking law the CEDEL bond clearing j
formalised the range or powers system, thinks this could be the I
wielded by the Banking Com- key to the Duchy’s future In |
missioner. The law will also international fund management 1

offer some protection to any

iiding on its established \

Invest in the Green Heart of Europe

bank running into financial diffi- reputation in the Eurobond :
cultips in the Duchy, market as a haven of private i

These are the kind of retail funds and complementing .
measures which the authorities the largely institutional markets j
believe will make Luxembourg served by London and Switzer* '
an attractive place for inter- land. i

1

• 111

rtiS. •■TVsr'-- - ... -

Mr Als also spoke of the need
to guarantee national survival.
He gave a warning that Luxem-
bourg ers might have to choose
between absorbing outsiders and
accepting a lower standard of
living in order to pay simul-
taneously for programmes to
encourage big families and to .
care for the elderly.

In any case, he said, the I
native papulation is likely to'

. fall over the next half-century- — !
from 270,000 to 203,000 in a
pessimistic scenario, to 256,000
in an optimistic scenario and to
232,000 in a * central ’ scenario.
The percentage of foreigners in
the total -population will range
from 24 to 35 per cent, he said.

"All these projections show
the dramatic character of the
situation in which we find our-
selves,” Mr Als said. He did
point to one promising develop-
ment elsewhere. East Germany,
whose birthrate once matched
Luxembourg's, instituted a
series of measures to encourage
women to have more babies and
managed to bring the figure to
France's more fertile level of
1.85 per mother.

.Luxembourg's officialdom has
at least one consolation: the
-much-beloved Grand Duke and
his family are setting a positive
example to their subjects. The
Grand Duke Jean and his wife,
the Grand Duchess Josephine-
Charlotte, have five children:
Princess Marie-Astrid, Prince
Henri, Prince Jean, Princess
Margaretha, and Prince Guil-
laume.,

Prince Henri, heir to the
throne, married a foreigner.
Cuban-born Princess Maria
Theresa, on February 11, 1981.
She bore him a son almost
exactly nine months later.

BiBSBnSjk tse?”- . . ; jse • ? -l:—

ass?

• '■■■HI 111 IN

...in Luxembourg, too.

Badlsche Kommunale Landesbank International SAis
the wholly-owned Luxembourg subsidiary of Badische
Kommunale Landesbank, Mannheim, one oi Germany’s
leading banks.

Since it started operations in 1977, BAKQLA LUX has
systematically deve/oped its service facilities in all fhs
main areas of Eurobanking.

For example, international companies turn with con-
fidence to BAKOLA LUX for short and medium-term
Euromoney loans in Deutschmarks and U. S. dollars.

As welf.the Bank is a recognized partner for syndicated
Eurocredits - serving financial institutions, governments

and their agencies, and multinational corporations.

Money market andforeign exchange operations are key
elements of BAKOLA LUX’S service potential. Here we
are active both on an interbank and institutional basis.
Moreover, the Bank’s reputation for reliable individual
. service is attracting a growing number of substantial
individual investors.

International clients also appreciate our flexibility and
sense of timing in securities and bond dealing.

For a Eurobanking partner that works hard for your
business and stakes its reputation on dependable ser-
vice, just con tact BAKOLA LUX

BADISCHE

KOMMUNALE LANDESBANK
INTERNATIONAL S A

RO-Box 626- L-2016 Luxembourg-VilIe-Tel.475991Melex1791

■zmmrm

: date of birth 1563.

revolved around the earth.

B®K

JSTCPiro BANOUIIO
PtfMO TH TORINO

16

Financial Times Monday September 20 1882

LUXEMBOURG VI

Arbed, the country’s giant steel-making group, has taken out insurance against possible restrictions of access to neighbouring European mar kets

Free trade within the EEC is of paramount importance

DURING the boom years for
steel— before 1974, when EEC
output in the early 19S0s was
being forecast at over 200m
tonnes, or approaching double
today's dwindling levels — Lux-
embourg liked to boast that its.
own giant Arbed group was
Europe's fourth largest steel-
maker. Nowadays the emphasis
has shifted. Arbed is no longer
described baldly as a Luxem-
bourg company so powerful as
to have major international
operations but instead as a
“ transnational ” steel producer
that has plant in Luxembourg
as well as in Belgium and West
Germany.

Arbed's concern to present It-
self as a transnational group is
understandable. It is concerned

that with protectionism increas-
ing. worldwide, particularly in
the international trade in steel,
its access to vital foreign steel
markets may be restricted.

For while it is true that
Arbed Ls a sprawling trans-
national group employing some
53,000 people worldwide, with
fewer than 19,000 actually in
Luxembourg itself, the steel-
maker is also crucial to the
Grand Duchy’s economy. The
figures that speak for them-
selves are those that show
Arbed’s current crude steel out-
put from the Luxembourg
plants as destined to the tune
of some 96 per cent for export
markets. At the same time those
steel exports account for more

than half Luxembourg’s total
exports.

The need to maintain free
trade in steel within the EEC is
of paramount importance to
Arbed and it says something of
the insecurity of the EEC's pre-
sent prices and production
regime policed by the European
Commission that Arbed has this
year attempted to take out in-
surance against possible re-
strictions of its access to
neighbouring European steel
markets. It may well be that de-
spite the pressures on the EEC
regime of U.S. steel curbs the
system will hold up but Arbed's
bid was to become jointly
owned by several EEC govern-
ments.

The idea was that the Belgian

Government’s 22 per cent stake
in Arbed's ultra-modern Sidmar
plant in Flanders should, in a
modified fashion, become the
model for a “ balanced ” system
of government shareholdings in
the Arbed group that would
transform the basically private
Luxembourg-based group into a

The steel
industry

GILES MERRITT

HYPOBANK
INTERNATIONAL S.A

... Euromarket specialists
in Luxembourg

\pVftV -• HYPOBANK INTERNATIONAL SA in
XV n ~~ "* Luxembourg is a wholly-owned subsidiary of

CBayerischeHYPOtheken-undWechsel-BankAa
,-r" / \ Munich, one of West Germany's largest banks with

consolidated assets of over DM 89 billion.

(US $39 billion).

HYPOBANK has been active in the Euro-
market since 1972 and is engaged in all types of
international lending activities such as short and
medium-term loans to corporate borrowers,
import-exportfinancing, project financing ete.We
actively participate in the foreign exchange and
money market as well as in the bond market Our
bank offers extensive investment counseling and
asset management services in all major currencies
to private customers and corporations. Gold certi-
ficates are part of the services extended to our
customers.

Overtheyears HYPOBANKINTERNAnONALSA
has achieved continuous growth. Capital funds
were increased in fine with our growth.

In 1981, total assets reached Lfrs. 114 billion
(US $ 2.7 billion). Capital and reserves including
provisions exceed Lfrs. 3.56 billion (US $ 84 million).

37, bddu Prince Henri
Case Postale 453
2014 -LUXEMBOURG
Telephone: 47 75-1
Telex: 1505 hypoblu

2628hypfx!u

INTERNATIONAL
Society Anonyme BanqueAgrefi*
Luxembourg

truly transnational one. The
.governments of Belgium, Lux-
embourg, West 'Germany and
. France would become the joint
owners, or at any rate largest
shareholders.

There were proposals for two
different approaches, to restruc-
turing Arbed’s equity: one in
which the governments would
subscribe capital to the Arbed
subsidiaries in their countries,
which would have excluded
France; the other for direct par-
ticipation in the Arbed group,
which could have included the
‘French Government by en-‘
couraging it to take over the
Arbed shares currently held by
the Empain-Schneider group.

To the regret of M. Emmanuel
Tesch, Arbed's- chief executive,
his plans for putting Arbed on
a more stable basis as it pur-
sues its restructuring . pro-
grammes and ensuring that
those vital neighbouring mar-
kets remain open to Luxem-
bourg's own .steel have so far
borne little fruit
West Germany, in the shape
both of the Federal Govern-
ment in Bonn and the Saar-
land authorities already in-
volved to some extent through
Arbed's interests there, bas
been markedly un enthusiastic
about the prospect. German in-
volvement cannot be completely
ruled out at this stage since the
new equity plan was only put
forward at the end of last June
but the Federal Republic’s first
and negative reaction already
risks killing the idea stone dead.

Luxembourg’s own govern-
ment would have overcome its
own deep-seated reservations
concerning public ownership if
Bonn had welcomed the plan
but in the event is showing
signs of evident relief that it
will most probably not be called
an to do so.

The aspect of the Arbed state
participations scheme that
clearly most discouraged the
various governments was not
the notion that they might be
called on to resist curbs against
Luxembourg steel exports but
the probability that they would
become liable to increasingly
large demands for cash. Arbed
ing difficulties in .raising fresh

capital to fund its vital restruc-
turing programme.

Before detailing the deterior-
ation in Arbed’s debt position
it is worth pointing out that the
group is generally ■ recognised
to be the victim of structural
decline In the international
steel sector rather than the
victim of any serious manage-
ment calculations. Indeed, in
recent years Arbed has won it-
self a. reputation for careful
crisis management

But the scale of the steel in-
dustry's difficulties is such that
Arbed’s original assessment of
the measures needed to stream-
* line itself back to health has
gone awry. According to Lux-
embourg Government Ministers,
the LuxFr 23bn originally
caled for in the mid-1970s as
the price of restructuring to
cut the Luxembourg plant's
capacity back from a yearly 8m
tonnes to 6.5m tonnes may well
be only a third of the total in-
vestment that will be required.

. It is not yet possible to put
a precise figure on the future
financing needs of Arbed in
Luxembourg. But because of
-the group's expensive debt bur-
den and the fact- that some
long-standing cheap credit lines
at some 7-9 per cent interest
must shortly be expensively re-
scheduled the total require-
ment of Arbed in the 1980s is
currently being put at around
LuxFr 40b n.

To pot such figures in per-'
spective, Arbed's serious 1981
losses totalled LuxFr 3.177bn.
roughly double the previous
year’s trading deficit of
LuxFr 1.583 bn. Looked at an-
other way, a LuxFr 40bn bill
for Arbed during the 1980s—
with much of it to be spent be-
fore state aids to EEC steel are
banned after 1985 — is uncom-
fortably dose to Luxembourg's
oil import bill, which, in 1981
was nearly LuxFr 13bn.

So far the Luxembourg Gov-
ernment has, through various

Headquarters of the Arbed Trteei-making group in Avenue de la U be rtf. The transnational group employs
53,000 people worldwide, with fewer than 19,000 actually in Luxembourg itself

standard state aid mechanisms,
been contributing between
LuxFr 1.5 and 2bn of the
LuxFrs 4 to 5bn being invested
annually by .Arbed, With the
EEC Commission having ip late
July approved a LuxFr I2.9bn
tranche of staa^ded.; restruc-
turing investment and sched-
uled by the end pf September
to examine -the group's argu-
ments for further spending
equal to twice that amount on
modernisation that should help
return it to profit, Luxembourg
Itself is now giving careful
thought to its own commitment
to funding Arbed.

This year lias shown a slight
improvement for Luxembourg
steel production, in marked con-
trast to the plunging output

levels of the second half of
1980 and all of 1981. But Arbed
is nevertheless in battered con-
dition. The 0.6 per cent- rise in
steel production for the first
five months of the year to 1.63m
tonnes, compared to the level of
the corresponding 1881 period,
cannot disguise the damage
done by the . end of last year
when steel output dropped 16.6
per cent from 1980 and steel ex-
ports by 19 per cent.

Looking at Arbed's decline in
a longer perspective is similarly
gloomy. In 1974 Arbed's Lux-
embourg steel output stood at
6.4m tonnes but by .1980 had
dropped to 4.6m tonnes and last
year to close to 4m tonnes. In-
stalled capacity has been cut
from 8m tonnes at that time to

Country’s long list of inducements

■ ■ • ■ ■*

attracts funds from abroad

This advertisement appeals
as a muter of record only.

New Issue
Jufe1B82

12 1 /;

2 %

THE COUNCIL OF EUROPE
RESETTLEMENT FUND

for National Refugees and Over-Population in' Europe
Strasbourg/Paris

FLUX. 500,000,000
Luxembourg Franc Bonds of 1982-92

BANQUE GENERALE
DU LUXEMBOURG

Society Anonyme

BANQUE DE PARIS
ET DES PAYS-BAS POUR LE
GHAND-DUCHE DE LUXEMBOURG
Societe Anonyme
BANQUE NATI0NALE DE
PARIS (LUXEMBOURG) SJL

Underwritten and placed by

BANQUE INTERNATIONALE A LUXEMBOURG

Socifite Anonyme

. KHEDIETBANJC . .

SJL LUXEMB0URGE01SE

CREDIT INDUSTHIEL D’ALSACE
ETDE LORRAINE
Luxembourg

BANQUE DELMND0CHINE
ETDE SUEZ SJL
Luxembourg

CA1SSE D'EFARGNE DE L’EDQT
Luxembourg

SOCIETE GEN ERALE
ALSACIENNEDE BANQUE
Luxembourg

CREDIT LYONNAIS
Luxembourg

LUXEMBOURG can boast a
number of outstanding statistics
for such a small country- It
has, for example, the highest
standard of living in the Euro-
pean Economic Community. - It
has one of the lowest birth-
rates in the world. For foreign
investors, however, what counts
are tax incentives, access to
cheap credit and other induce-
ments that will hdp them earn
maximum profits.

Here too the Grand Duchy
stands out Not only does it
offer a long list of advantages
from special lending facilities
and cheap land to direct finan-
cial assistance and tax deferrals
and exemptions; it happily
tailors them to the needs of
each new business entrant as
weH. - —

It is this flexibility that most
impresses outsiders accustomed
to bureaucratic rigidity and
endless red tape in other coun-
tries. Even more, they are
astonished at the personal
attention they get from the
highest Government officials.

“ Each incentive is custom-
designed,” said a U.S. diplomat
who has close contacts in the
foreign business community.
“ Basically, Luxembourg’s policy
is: ‘tell us what anybody else
has offered you and we’ll give
you a better deal

Luxembourgers, he added,

“ aren’t stuffy in the usual Euro-
pean sense. You can pick up
your phone and call the Mini-
ster of Transportation and ask
him to get the -pothole on your
street fixed.”

As a result of such efficiency,
he said, the lamp interval
between a corporation’s deci-
sion to launch a project in
Luxembourg and the opening of
the new facility is the shortest '
in Europe.

Government leaders make no
hones -about their accessibility
to foreign investors. " Certainly
rd meet with ' someone in-
terested in investing in Luxem-
bourg” said Foreign Minister
Colette Flesch in an interview.
“ It’s completely normal”

Mme Flesch is a staunch
believer in the adage 41 small is
beautiful.” The chief advantage
her country offers big business,
she said, is its smallness. 4, We
brush aside bureaucratic pro-
cedures.”

The Minister assigns her
deputy Paul Helminger, Secre-
tary of State for Foreign

Foreign

investment

BRENT BOWES

LUXEMBOURG
FOR GOLD TRANSACTIONS

Can

nk S.A. Luxemboureeoi

Phone 474295 Tefex3641

.Affairs, most of the work asso-
ciated with luring foreign busi-
nesses. In a recent brochure
Helmlnger assured executives
he will see them anytime "in
order to present in detail the
advantages Luxembourg' can
offer to best riiit your particular •
objectives.”

For a start, the Grand Duchy'
will hdp corporations find
building plots and offer them
cash grants or interest rebates
on bank loans for constructing
and . equipping -plant facilities.
Alternatively, it can. make in-
dustrial premises available for
immediate occupancy. '

The state-owned National
Credit and Investment- Company
makes . available 4ow4nterest
loans and. expmt ‘credit facili-
ties. Newcomers .can -claim
income-tax e x empti on ' on 25 per
cent of their profits for the first
eight years and a 14 per cent
tax credit on spending on
equipment.

Aside from such . state-spon-
sored . attractions, ■ numerous
other benefits are held out by
the Grand Duchy’s promoters.
They cite the country’s, -cen-
tralised location in the Common
Market and the ready access to
its 270m consumers. They also
boast of the high productivity
of Luxembourg workers and the
near-absence of absenteeism or
strikes in the country. ■ ..(A
recent stoppage at fte steel-
works Arbed marred a 60-year
record of labour peace.) • •
"They- work hards',” one
foreign resident said. "The-
old-fashioned work ethic stiff
exists.” -

Then there are the fin an cial
■services -offered by what is one
of Europe’s three major bank-
ing ^centres; the stability of -its
Govern ment • ahfl its ' free-
6nterprise philosophy; . the
stringent business . secrecy Jaws;
the linguistic versatility, of ihe
population- and the pleasant
living- conditions. This last
category covers everything from
dean air and good .restaurants .
to a low crime *ate and quiet
side streets. “ I can’t think of a
single American executive who’s
unhappy living in Luxem-
said Matthew Ward,
Commercial and ■ Economic
Counselor at the U43. Embassy.

Luxembourg began its drive
for foreign investment in the
late 1950s in order to lessen the
country’s dependence' on the
steel industry, which dominated
the private sector of the coun-
try’s economy. This effort at
diversification was stepped up
with : the onset of the post-oil
crisis recession in the early
1970s.

Since then employment at
Arbed has fallen to about
18.800 from 27,500 and is ex-
pected to decline to 16,500 by
the. end of next year. Officials
are counting oh foreign com-
panies to take up the -slack.

The Americans have been by
far the biggest outside investors.
Subsidiaries of three .U.S. com-
pajuee-rGoodyear,.Du Pont and
Commercial * Hydraulics— com-
prise . the &ecand, third and
‘ fourth biggest .private em-
ployers. . . General Motors and
Guardian Industries have also
set up important -operations.

Goodyear, the world’s largest
tyre maker, arrived in 1951.
Since thepi its workforce has
grown to 3,600 from 200 and
daily output has climbed to.
10,000 tyres from 500. Besides
the tyre manufacturing unit,
facilities indude the company’s
main research and development
centre _ outside North America,
a fabric mill, a moulding plant
and a steelcdrd plant

Du Pont de Nemours, the Du
Pont “ affiliate, employe 1,060
pe ople ?nd produces “Cronar”
polyester photographic • film
sheet “ Mylar ” polyester film
and "Typar” non-woven poly-
propylene.

speciality engineering thermo-
plastic. The new plant will have
more than 100 employees.

_ General Motors has recently
announced it will be expand-
ing its activities and National
Aluminum has said it will be
putting in an aluminium milL

Not - all foreign businesses
have experienced steady growth,
however. Monsanto, the U&
chemicals group, pulled up
stakes a few years ago. But in-
dustry sources said the with-
drawal did not result from
unhappiness with Luxembourg
but rather from an over-exten-
sion of Monsanto’s overseas
operations. .

Luxembourg plays up the
American connection.- It has
created a - permanent office in
New York to woo private indus-
try and - -it - periodically sends
investment promotion teams to
the U.S. .

This preference reflects the
country^ determination to resist
economic annexation by either
of its big neighbours. “They
don’t want to become engulfed
by either West Germany or .
France.” one trade expert in
Luxembourg said.

Mme Flesch contends the
Americans are the natural tar-
get of the.Duchys campaigning.

" When the diversification effort
began two decades ago it was
especially U.S. companies that
sought to establish themselves
in the Common Market. It was
far less -likely that French or
German companies would set
up operations so close to home.”

Nevertheless, she noted.

thSVS bSSSSra European companies’

.’ass-**! jsa ■

r^nuy ,et up .

MERRILL LYNCH

is iii"

LUXEMBOUEG

Merrill Lynch, the U.S. diversified ' financial
services firm, can help you meet your investment"
objectives in the. world’s. .-volatile- financial
markets.

For professional -advice oh equities, Eurobond
^^kets, financial futures, 'nf - any other-
specialised investment vehicle, please contact us
at the following address:- : ; . •

.• -••• 3, rue - Aldrmgen . .

" _ 1118" laixembourg

“ - " telephone: 474856 "

‘P 01 ? f forget— Merrill Lynch is yoiir market
place for money ; • *

Merrill Lynch Europe S. A.

(Luxembourg branch > 3 ^Aldringan, Ui8 Luxembourg ,
(R-C. Luxembourg BI2J35) "

- around 6.5m tonnes a year,
while steel jobs have shrunk fay
34 per cent from 29.000 to
18,900. If Arbed's further re-
structuring is on target, by
1984 that workforce will have,
been further reduced to 16,500,
marking a 43 per cent job loss
in 10 years.

The group's aim Is to
diversify into fresh high tech-
nology steel products, with Its
dominance of the sophisticated
wire sector through Trefilarbed
and its growing importance in
special steels seen as new
springboards. Arbed has the
flexibility of being at the centre
of an international group with,
worldwide sales of some
LuxFr 170hn a year but also
the rigidities produced by for-
midable problems in the EEC.

II

\

■-

'}

• *
jv.

PlriamSal Times Monday September 20’ 19S2

THE ARTS

Architecture

Colin Amery *

The deadening hand of commerce

Without '* . commerce there
would be no art If you wander
around the City of London with
its massive range of rent collect:
ing slabs it is difficult to see.
much evidence of.- the influence
of the art of architecture—
commerce seems' to" win hands

down. ■

It is easy for a critic to ignore
the commercial pressures that
so often dictate “to architects
but at the rape timeVit is: un-
fair to ignore the .'moderately
successful buildings that do
sometimes ' emerge . from the
complex ' planning and com-
mercial Astern. The cry is. so
often heard things are
better ordered in ‘ America, or
Germany or even Japanl
I am surr^ihat parf of the
success of American commercial
centres, for. example downtown
Chicago, is because , they glory
unashamedly: in the - joy of
commerce. Likethe citizens of
the towering city of San Gimig- -
nano there is a pleasure gained
by the citizens- of great Ameri-
can cities in the visibie.evidence .
of the sheer power of thruating-
commerce.

- The rival- fortress .houses: of
the GhibelUnes and the Guelphs
that rise, above San. Gimignano
have, a phallic intensity 1 that
makes the recent skyline of
London.^ look decidedly flaccid.
London seems -to put up with'
commerce rather than celebrate
it The opportunities to build
since the -last war have been
muted by the English dfesire
to ;comprQmtse and contain.
There. ix. a.feiling in the Qty
that it is a place to leave as
qmckty as possible— Ih^Sjusi- v
ness day ends with- thC'. -rgtgni
journey to Weybridge; fs >‘ ' ;

In Edinburgh recently. Iwa*
shown a major new cdmmeatial
building,. the - administrative
offices for . the Bbyal Bank of
Scotland. vrlt is deigned by the
distinguished Edinburgh" archi-
tects Michael Lalfd and Part-
ners. \ This prac^he; has, since
the early 1960s. a' good record
of baiidnagB for commerce and
industry. Their careful Infill
scheme for . the Standard Life
Company in George Square,
Edinburgh, is distinguished by
its own reticence- and by the
incorparaitibn of a bronze frieze

by the sculptor ; Gerald faring ;.
This is a representation of the
wise and., fwdish. virgips-T-a
parable to -encourage' the tnsur-
ance business. ‘ •'

. - Michael. Laird’s .Royal -Bank
building, is- situated onthe
northern edge of the New town
opposite the fine .Georgiah iTer-
* race of Pettes Row. 1 This Is a
difficult site. It would have been
possible to build a -pastiche
Georgian terrace, to satisfy the
conservationists, , but instead the
architects Were uncompromis-
ing. They have created a long
low building, that takes advant-
age of the nine metre drop in
rite site to keep-49 per cent of
the bunding below the actual'
ground level- .

As a major requirement of
the brief , was to house compu-
ters and data processing equip-
ment they have been housed in
controlled environments . In
these lower floors. Above these
essential subterranean services
the majority of the ' TOO staff
work in -pleasant- ' open- .plan
offices on the three main floors.

The building remains betow
the eaves height of the sur-

rounding Georgian buildings
- and its sloping facade and well
planted balconies give it the
. feel of a low slung riggurat. - It
-is a strongly horizontal state-
ment^— three bands of masonry
and three bands; -of windows
, broken by the recessed entrance.

No one - could claim, that this
Edinburgh building exactly
glories in the exuberance of
commerce— it is .a rather flat
statement that mafe^ every pos-
sible allowance for the site. It
does,, however, manage to be an
independent architectural

achievement that Is capable of
being judged purely on its own
merits.

In London office design often
falls into the hands of planning
consultants, firms that speck-
. alisa in the technology of office
life that Is rather remote from
' architecture. Middle East Bank
have recently renovated -.the
listed Edwardian building at
. No. 1 Lombard Straet. They
chose to use the services of
. Jeremy Re ws e-Davies and ' his
organisation Office Planning
Consultants.

His task was a double one — to
restore the fine banking ball and

to accommodate offices, dining
rooms and kitchen on the lower
level. The careful retention of
the plasterwork and the fine
dome of the banking hall adds
immediate dignity to the scheme.
To match the quality of the
mahogany doors and heavy
plaster the designer has ased
fine marble for the floor, and
solid and prosperous - looking
furniture. The offices below in
a comprehensive colour scheme
of bine and grey have a pleas-
ing order.

An exhibition opens in the
new Cutlers Gardens develop-
ment on September 28 (which
runs to October 6) that aims to
present the new world of the
office. It is organised by the-
RIBA journal and Trickett
Associates and is called Good
Offices.

A special conference to dis-
cuss the influence of micro-
technology on the design and
location of offices will be held
on September 28 at the RIBA
(details (01) 5S0 5583) entitled
Offices — Who needs them?

The entrance to the Royal Bank of Scotland’s new offices in Edinburgh, designed

by Michael Laird

> . \ r

IK

Siegfried/Covent Garden

Max Loppert

In SiegfrieO, ‘.the world of
Wagner’s Ring spans its widest
range. Hie opera begins in
deceit and ..confusion in the
depths of the earth, and ends
in a burst of glorious mew-
found emotion on the highest
heights. It contrasts cheerful
candour and guileful conceal e-
ment, innocent ignorance' and
saddened wisdom, -the purest
nature-rapture and the most
baleful nature-negation. It is
a spectacular opera that is also
intimate, an opera of’ witty
duels of . muds; musically, it
moves from the most sulphbrous
chromaticism of the tetralogy
to the most generous diatonic
lyricism. Though (as I discover
to my surprise) it is most
people's least favourite Ring
opera, it can — in the right
performance — provide a cycle’s
most rounded experience.

Friday’s revival . at Covent
Garden was hardly that kind of
performance. In one perverse
sense, the G6tz Friedrich pro-
duction (rehearsed by Tobias
Richter) might be said to catch
something of the opera's
breadth of contrasts; fort in it
are found the most inept stage
pictures of the whole cycle and
also the most impressive. - For
the .first two acts the. 1 eye
struggles through the deadening
grey-green tagliatehe, battling
against the theatre’s appalling
sightlines to catch a glimpse of
characters positioned at dim and
unhelpful corners; then the
stage opens out with magnificent
imaginative daring. The effect
is to make one believe that the
opera is two arts of relative
tedium with a thrilling pay-off
— which is far less, than the
whole truth.

The production demands from
the start the most vivid play-
ing. singing and acting simpfy'to
counteract the lowering sight of
the stage. Friday’s Siegfried
was mostly decent— no less than
that, but seldom more. Colin
Davis has never, to my mind,
fully mastered the nervy, tri-
tone-tainted crackle cf Mane’s
music, never quite found the
key to the dominant moods of
the first act (the Wanderer’s
music craves a far grander
breadth of statement). From the
Forest Murmurs,- which Sir
Colin and the strings laid out as
freshly and naturally as a
Dvorak symphony movement,
the reading began to take on
lustre and buoyancy (even .
though, on a hot night in the
theatre, the quantity of pasting

imperfections was unusually
high, and thefidl ensemble
lacked dept h sad substance of
.tone). The closing half -hour
built up m surprising radiance,
given most . of .what we bad Al-
ready heard and seen; bat, tike
the production, the conducting
gave -less than due weight to the
whole of the music. •

John Gibbs’ Alberich (more
assertively projected than in
Rheingold), Marta . Szirmay’s
Erda .. (an unsettling blend of
gravity and hootiness), and
Lillian Watson's vibrant Wood-
bird were tiie newcomers to an
otherwise long-familiar oast The
most finished contributions came
from Paul Crook’s Mime (less
angularly dramatic. more
interes tin gly characterised, than
Ragnar IRfung’s) and Donald
Mc Intyre— i ndeed, Siegfried is
the opera in which, this Wo ten
comes into his own. with an im-
posing voice and pres e n ce ,, end
an intelligent way- of reminding
us . that . beneath the quietly
h u mor ou s observer of Siegfried’s
progr e s s through the. first two
acts waits the awesome oppon-
ent of the third.

Mr McIntyre * displays in his
delivery a command of the
German text notably denied to
Alberto Remedies’ hero. In the
first act -the prompter sounded
a continual obbligato accompani-
ment to Siegfried’s lines, and
while later pages marked an
improvement, one seldom sensed
that likeably direct manner of
communitating with an audience
that was one of the pleasure of
his ENO performances In
English. Vocally, greater strain
shows through than it used to.
although the tenor had raved
something of his lyrical best for
the final duet. No Brunnhilde of
my experience - make of Che
moments of awakening a more
glowing. palpably physical
experience than Gwyneth Jones.
Would that she sang the role as
she acted and feU jt I

Newport piano
competition

The triennial Newport piano
competition, has been won by
Jack Gibbons of. the Guildhall
School, London. The runner-up
was Vivian Choi. The competi-
tion, which is for musicians
under the age of 25, carries a
first prize of £1,000 and a piano.
It is sponsored by W. H. Smith,
and this year attracted AS
entrants.

The Importance of Being Eamest/Lyttelton

Michael Coveney

While Alan . . Ayckbourn
remains waterlogged somewhere
in the wings of the Lyttelton.
Peter Hall has come to the '
rescue of the Theatre with . a
superbly cast and meticulously
presented revival . of Oscar
Wilde’s best comedy. ■ As an
artefact the play has the clean
and satisfying impact of a .Haydn'
symphony. Three movements,,
admittedly (there' were origin-
ally four but George -Alex-
ander. wanted it shortened
and Wilde ' ■ sacrificed many
wonderful lines, not to mention
Moulton the gardener), yet each
of them is' constructed along
rigid sonata form principles.

This tension between strict
form -and. bubbling vitality is
beautifully caught at the
National Victorian conventions
of ' plotting - are continuously
turned by Wilde into fine
moments of ' original comic
crisis, and Mr Hall’s company
judge the -delivery of those
jewelled., studiously - rounded
phrases to absolute perfection.

It is almost impossible for an
audience to sit through the play
without hearing other voices
rise up from the past, notably
Edith Evans’s as Lady Brack-
nell. But the performance in
that part by Judi.. Dench is
typical of the production’s
thoroughness in finding . a
rhythm that both belongs to the
text and is true to itself. This
Bracknell is non-stentorian and
younger than we expect. • The
bloom of young middle-age still
clings to Miss Dench’s plumpish,
maroon-costumed salon queen.

There is a hint of insecurity
in her eyes, but never in her
voice. The inquisition of John

-Worthing. is brilliantly bandied,
the revelation of his - improvised
cradle on Victoria^' Station met
with a deafening pause, the
removal of a pair of spectacles
and an expr e ss ion of steely
distaste on 4, A. -handbag? ” But
the scene runs on, gathering
force until Miss Dench, over-
come with shock and confusion,
tears up. her prepared question-
naire. . The round of applause

she wins on the exit is as
deserved as it seems to be built'
into the dialogue.

The four young lovers are
similarly released from the
bondage of memory by sensible,
affectionate playing. Nigel
Havers and Martin Jarvis are
a well contrasted couple as
Algernon and Jack. Neither
actor has to strain for the cor-
rect period inflections. Mr

Alasuir Muir

Judi Dench and Zoe Wanamaker

Havers, slim, boyish and pleased
with himself, is indeed one
‘‘who has nothing and looks
everything.” Mr Jarvis, while
sporting a Gielgudian profile,
squints nervously from behind
small round spectacles and
makes perfect sense of his diffi-
cult speeches at the end about
knowing he was appropriately
christened all along.

Elizabeth Garvie is bright and
resourceful in the comparatively
thankless role of Cecily, while
Zoe Wanamaker descends on
Gwendolen with a relish that
makes it clear that there could
be no confusion as to her
parentage. One of the incidental
pleasures is the strong picture
both Gwendolen and Lady
Bracknell leave behind of poor
old Lord Bracknell, dining alone
as often as not and excusing
himself from their company on
grounds of in health.

John Bury has designed three
handsome settings including a
glassy-floored garden at the
Manor House with a pleasant
background silhouette of the
village and a large hanging
bough. The third act drawing
room becomes an airy breakfast
room with wooden ecclesiastical
arches and an enormous,
stylishly potted indoor plant

This helps create a believable
milieu for Canon Chasuble and
Miss Prism. They really belong
in this silghtly faded, solid
environment. Anna Massey's
Prism is a waif-like min of
distracted gentility; Paul Rogers
as the Canon creeps about with
gentle stealth and greets the
supposedly dead brother with a
vague semaphore routine that is
a triumphant culmination at
years of despondent fidgeting.

Peer Gynt/Orange Tree, Richmond

Rosalind Carne

The search for the Gyntian
self has always left me with a
sour taste in the mouth, and
this small-scale, pub production
confirms my worst fears. Per-
haps the Royal Shakespeare
Company version, which I have
not seen, will offer a new pers-
pective on the work. Until then.'
X blame the author. Being a
fiendishly good writer (I don't
know whether to damn him or
to bless his cotton socks) Ibsen
actually draws out our
sympathy for, and identifica-

tion with, this unpleasant

young man.

Peer may be a charmer, a
joker, a victim and a weaver
of dreams, but he is also, more
significantly in my view,
irresponsible, self-centred, and
immoral. In some respects he
is a. universal figure, in crucial
respects, he is inescapably male.
It is hardly surprising that
Ibsen became involved with the
woman question, for the play
reeks of contradictory attitudes,
fear of, and fascination with,

the opposite sex, coupled with
an obsession with the mother
and the untouched virgin. The
problem may have rubbed off
on the cast, for the female per-
formers showed less assurance
than I have come to expect in
this theatre.

Among the seven strong cast.
Will Knightly stands out for
his immensely varying inter-
pretations of several parts, and,
particularly, for his smiling,
spine-chilling Button Moulder.

Philip McGough darts through

the central role with a
credible, fleshy appeal. He al-
most sustains interest for three
hours, but lapses towards the
end when he starts to play more
openly towards the audience,
seeking laughs. Tension
slackens, and offstage actors,
seated around the edge begin
to let their eyes wander away
from the performers.

The minimalist approach to
the classics focuses attention on
every line.

French & Finnish.' "Wigmore Hall

Dominic Gill

For all the claim implicit in
its pretentious title, Les Musi-
ciens (as this French piano trio
chooses to call itself) is not a
veiy r memorable ensemble.
Individually the three players,
all with solo careers, are sound
enough: Jean-Claude Pennetier
is a pianist of some standing,
and Regis Pasquier and Roland
Pidoux are first violinist and
first cellist respectively of the
Orchestra National de France-
Together they make a three-
some. but not yet a trio: the
overriding impression of their
London debut on Saturday night
— much heralded by publicity
from Capital Radio (who will
broadcast the concert) and
Harmonia Mondi (who make
the records) — was of three
separate musicians, each play-
ing away for all he was worth,
with little to bind them except
the basic obligations of synchro-
nidty.

At no time during the even-
ing was there evidence of real
(in the interpretative sense)
musical listening. M. Pennetier
in particular has exceptionally
strong fingers, and he charged
through every crucial meeting-
point of the music as if neither
of his partners existed; the con-
cert was dominated, and from
time to time submerged, by the
fiercest piano playing I have
heard from any piano trio in
years. By the second line of the
first page of Schubert’s E flat
Trio. M. Pennetier had reached
the triple-fortissimo that he was
to hammer out consistently, at
every appearance of a dynamic
louder than mezzoforte, for the
rest of the piece.

Les Musiciens relied by and
large on two distinct and
contrasting types of musical
treatment: dreamily lyrical
(prettified with plenty of
rubato) and pungently. manic-
ally assertive. In their account
of Brahms's C major Trio op. 87
there was little in between
these extremes: a first move-
ment of frenetic effusiveness,
a second of sugar-spun soulful-
ness, a giocoso finale of rabid
defiance. Even in Ravel’s lovely
trio, for which The Musicians
somewhat modified their expres-
sive stance, there was much
that was either undernourished
or terribly overblown: the very
first climax of the opening
Moderf almost raised the roof
with its savagery. Such inter-
pretative hysteria may be
tolerable when it is balanced
and calmed by a sensitive

recording engineer: hut live
and in the flesh, it is
devastating.

The previous evening in the
same. hall, the leading dramatic
soprano of the Finnish National
Opera. Taru Valjakkn. save the
first of four son? recitals by
various artists to commemorate
the 25th anniversary of
Sibelius’s death. Jean-Claude
Pennetier played to the
Wigmore Hall as if it had been
the Pnlois dcs emigres: Miss
Valjakka sang as if she were in
the opera house, and in such an
intimate venue the effect was
no less overwhelming.

Both of the groups of Shake-
speare and Rilke songs by the
Finnish composer Einhojuharu
Rautavaara (b.1928) with which
she opened her programme
would have sounded bombastic
and inept in any context — most
remarkable, and almost refresh-
ing in its absurdity, was a set-
ting of “Shall I compare thee
to a summer's day? " to a kind
of Finnish Charleston. But she
also gave Berg’s haunting group
of Seven Early Songs with pre-
cisely the same irrepressible
gusto, almost burying “ Die
Nachtigall ’ under a niagara of
lusty scooping. Her delivery of
three sets of Sibelius songs was
unremittingly monumental —
even that almost pathological
desire which she aroused in her
listeners as a result for just one
Tiny phrase of piano or mezzo-
piano before the evening's end .
was grandly denied.

IBM Celebrity
Recital Series

Harold Holt, the artist and
concert agency, has announced
that CBM UK is to sponsor a
series of ten recitals by leading
artists.

The series, to be entitled the
IBM Celebrity Recital Series,
will take place in the 19S2/S3
season and will comprise five
recitals at the Royal Festival
Hall and five in Cardiff. Bir-
mingham. Leeds, Manchester
and Portsmouth.

The artists featured are Dame
Janet Baker. Vladimir
Ashkenary. Daniel Barenboim,
Itzhak Perlman. Isaac Stern.
Mstislav Rostropovich and
Pinchas Zuckerman.

£■**■

THEATRES

an« Frtabtt. Oobtarif Jnowfta ttOpranO).
Praoramm* lociuda Uwftr tar Wolf and
toAm. Tamor 1-00 mn. Allwl IHn
Qart*t Tumor 7 JO vm. Rayml -Phil,
harmonic Orchestra- Paavo Baratabd
conductor, John Ogdoo oUoo-

ALBERT. 5. 836 5878. CC, 950 8232-

YEAR Hi a mnv stay SWET 19B1-

BLOOMSBURY. Gordon SU WC1. 01-387

ALOWYCM. BOX OPR* 01 -MS C404.
REDUCED R& wt’SwS

tom*

9232 (8 liiMii. Ratal uO prow bookings
01-839 2751.

CH1CHHTR FtSnVAL THEATRE. D2A3

^uwmnl a.isr§A

Frl 7.50 TNR MACTc FLUTE- Wod. Sat
7.30 RIGOLirro. Tta»r .7.50 THE
BARBER OP. SEVILLE, Santa MO 8VAll
at ooora cacn dav.

A 58t MM S.O. OVER 3Bp -KRTSfiS
MANCIE- Helen H«nr» 84 CHARING
CROSS ROAD. . With OMNI Mantta.

Rooms Mima.

COMEDY THEATRE. S B 30_ 2578. CrvdR
card booking* 639 I486. Grp talas 379 .
(Ml, Mon-Frl 8.00. Sat. 6.15. Matt
Thur. 3. .fat. 5.15. Price C2J0.C7.00
IMt (ultahW tar. CWIdranV STEAMING
bv NELL DUNN. COMEDY OF THE
YEAR SWET AWARDS 1911. NOW IN
ira ’SECOND -YEAR- Pre-siww stisevr at
Cam Royal plus atall scat only £9.90.

. Mon-Thun.

APOLLO. SJulfrNliwv AY8.CC. 437 2883.
Euct 7X0 Mit»-W«l 5.00. 8« A-BQ.
Frtvitiw from SfBtambjr 2*.
HtftfPbrf 30 *t 7 DaVID BIIRKC«

TO THE MOON DV ClMortl OOrts. Wjf
437 2883. Crtfit «4Td Hotlme 930
BIJ2.

a css

(ram £8 JO,. CCAttimad.

DONMAR WAREHOUSE, Earlhani Street.
Covwrt Gdn. sToCT D1-B36 1 071 f 379
EMi. From 30- - Evw 8,00. Tfto

. JHI wllWlfll • WfliU MMilffl*

APOLLO VICTORIA. 01-834 _«177.

DRtntY LANr ThMfr» Royal. CC oi-sM

ANHlE MfltiTllt
MNXANOtTThrcs 7J0.. Mata Wad A
Sat 3.0. Cradlt card Hotline 8X0 9232.

BARBKAN, 3 01-62* 8795. «014»
8BBI- iManJar-TO ahi-B m-sba
| Ndl- 24-hr W001 IJ28 JUBV ROjfihV

bfSficA^

pSfpy took A.hrtta ov ftw Wcfwfs,
RIM hv Mooty Nwntt»: tatVIWW NWl
from 25 teat. ncKKiKrtavr* tar tsn-
•--if«i Dvrft 23124 S*P* eoM«» Ba*

JHt'iRT— THE WITCH 07, 8PWONTOW
bv Dnur, Aro A Bbalrv l»« W
SfM-

GARRICK. S CC 336 a 601 .Evv 8 .Mat

ra.**5r Uwws

oon-itop -lacs Mar. Oircctad tar *»?2
Davii. Group sales Bm

6061 • Credit- card Homw »o ««■

50^ A 8.30. MARIA AlTKN. IAN
pGlLVY. CARY BOND tn NOC> Corraid »

MiMR For living *-hh miand

CURRAM. Dfrectcd b» Alan Stratton-

BARBICAN, Tomorrow 7.30. RPO JOHN.
OGDON KtaTf PSBNMII *"»P*OOy.

RadmaiHiievi V*w)i r*it» oj Dwriny

£‘br^ •*686^

SSTWffW

Card* 838 Cal,

Jttnatun Gens.

■warn

,MT_ TMU.TM =»

JIOSSITER. MU.

MARTIN. STEPHAN CHASE . In THE
RULES OF THE GAME trr Luifll ,Wfls-
dello. Directed by Anthony Quirle.

HArMARKIT THEATRE JtOYA t- 95 0
9152. Greuo Sain 379 6041- Returns
lest 27. DONALD Si N DEN. FRANCES
DE LA TOUR. RONALD fTCK-UF.
SHEILA GISH. BILL P HASER .
MARGARET RAWLINGS. FREDA

jackson: harry • Andrew m
UNCLE VANYA . by. Anton Chekhov.
Directed by ChrHrtoehar Pittas.

HER MAJESTY'S. 01-B3O 6606-7. Credit
cam Hotline 930 6232 4 930 «U3-».
Group sales W9 6061. Ev es 7 -30- Sat
mat SO. LAST THREE WEEKS. THE
NATIONAL THEATRE'S MULTI-AWARD
WINNING INTERNATIONAL SMASH-
HIT PRANK FINLAY In AMADUJSBv
PETER SHA/fer. Directed by PSTER
HALL with NIC kolas Grace.

MERMAID THEATRE at Btackfrjan Tube
by tbe river. Box OBtoe 01-236 3568.
Credit card bookings 01-236 5324. Re-
ocarina Thurso**. Evas, Mon -Thor IA
Frl & Sat 6.45 6 9.15. Low seats prides.

Clair

TAMZl by Claire Laektom.

There will be .•« exciting wlety of, pood
valve food and .drink available from 5 pm.
and you can drink watching tbe show I

NEW LONDON. CC Drury Lane. WC2-
01-405 0072 or 01-404 4070. Ev* 7-45.
Tims and Sat 3.0 A 7.45. The Andrew
LlOvd-VYtbtoer-T. S. Plot Award Winning

IRBSfcal CATS. Group bookings 01-405
1567 or 01-379 6061. LATECOMERS
• NOT ADMITTED WHILE AUDITORIUM
IS IN- MOTION. PLEASE BE PROMPT.
NOW BOOKING TILL JULY 1983.

ROYAL COURT. S. CC 730 1745. TOP
GIRLS by Caryl ChurcblL Evgi B.O.
Mat Sst 4.0. Mon Evgt A Sat Mat all
seats £ 2 .

SADLER’S WELLS THEATRE EC1. CC 01-
276 6916 fS lines). 24 hr instant book-
ing 01-200 OZOO. Grp sales 01-379
6061. Tanrt heater Wunoertal PINA
BAUSCH. Tomer to Sat Evas 7-3D
Knntafethof. Limited number Standby tkts
from 7 pm.

3 Oct 7,30 A Viennese Evening.

Oct 5 to 9 San ha I Joke.

AMPLE FREE PARKING after 6J0 pm.

JEAN ETTA COCHRANE, 01-242 7040
National _ Youth Theatre .. <n. THE
CRUCIBLE bv _ Arthur Miller. EV«
7.0Q pm. Mats Tue. Wed. Thw & Frl at
2.00. Last Week.

PALACE. CC 01*437 5234. CC Hotline
437 8327. Andrew Lloyd-Webber's SONG
AND DANCE. Starr. ng MARTI WEBB
A WAYNE SLEEP- Due lo overwhelming
demand now booking to Jan 1983-
Evgs 8.00. Frl A Sat S.45 6 8-30. Some
oood seats still available most peris.
Grew. Mies 437 6834. 379 6061.

SAVOY. S. 01-836 8088. CC 930 9232.
Evenings 7.4S. Mats Wad ZJB. Sat
5.0. 830. MICHAEL FRAYN'S NEW
Comedy NOISES OFF. Olrected by
MICHAEL BLAKEMORE.

SHAW. 01-3B8 1394. National Youth
Theatre in MACBETH. Ev« 7.Q0- Mm
Toca. Thur & Frl at 2.30. Lest Week.
Ends Frl.

PICCADILLY. S 437 450*. CC 379 6365.

Grp Reds 836 3962. Eves 7.00 sharp. ;
From Wfrtnesda* _ HAMLET. WR BV ;

JONATHAN MILLER.

KING'5 HEAD. 226 1916. Dnr 7. Show
8. Ends SBtl NEIL INNCS.

LONDON PALLADIUM. 01-437 7373.
MICHAEL CRAWFORD In the Broadway
Musical BARNUM. E»B» 7.30. Mats Wed
and Sat 2.45. Use (be Sarnum Hotlines
01-437 2055. 01.734 8981 for Instant
credit card CHervatlom. NOW BOOKING
TO FEB. S. 1983.

ST. GEORGE'S THEATRE. 607 1128.
Turned park R4. HIlRQton. N7. SARAH
MILES. PHILIP MADOC In TWELFTH
NIGHT. Opening Thnrs. Sept 30th. 7.30.
Macbeth in Rep from Oct -21*t. .

LYRIC HAMMERSMITH. S- CC. 01.741
2311. 01-200 0200 124 taSI. P i eY l e wS
front Thor Eves 7.30. Sat 4.30 6 B .1S.
GORDON JACKSON. RUPERT CVERCTT
MASS Appeal by. Bi n C Davis,
directed by GERALDINE FITZGERALD.

PRINCE EDWARD. Tim Rite and Andrew .
Liovd- wearier a EVITA. Dir. by Hal .
Fritter. Evas 6-0- Lo— price mats Thur i
& S«t S-Q. E“SJ eerfs end 10. ts. Bp* t
Office 437 6877. CC Hotlines 439 8479. .•
Grp uios 379 6061 or Bor Office Inst. •
24- hr bias Talcdata 01-200 0230. \

ST. MARTIN’S. CC 836 1445. E*CS 8.
Tnes Mar 2.45. Satordavs 5 A 8.
Aaatha Christie'* THE MOUSETRAP.
■.World’s . longest-evcr run. 30th V«ar.
Fully alr-corditioncd theatre.

LYRIC THEATRE, StafteSbOY Ava. BtaC
pot* 637 3686- Tel.- Cr e dit ca rd
bookings accepted. Glenda Jackson.
GEORGINA ‘HALZ In SUMMIT CO*T-
F dunce. A new piav by. Robert David
MacDonald. Over ISO Performances.
Eva* 8JL -MM8 W«l xo. Seta SD. .

PRINCE OF WALES THEATRE. 930 ;
8681 ■ CC Hotline* 930 0646 or Teteltta ‘
01-200 0200 (24 hr boo*.in<Bi. Group ;
sales or bOOKinss on entry. ROV HUDD. J
CHRISTOPHER TIMOTHY in UNDER* I
NEATH THE ARCHES. The smash mt ,
family musical. Mon-Thur 7 JO. Fn & Sit i
5.1 S 6 6-30. SPECIAL RATES t* ANY j
TICKET, children. DAP*, students. Mon-
Thor A Frl &.15.

VAUDEVILLE. CC 01-836 9982. 01-230
9232 fB llnrsl MOIRA LISTER PATRICK
CARGILL. BARBARA MURRAY. GLYN
HOUSTON. KEY FOR TWO. A new
comedy bv John Chapman and Dave
Freeman. Evas Mon-Frl B.O. Mata Wed
245. Sat 5 00 fr 8.00.

QUEEN ELIZABETH HALL. 9Z8 3193. CC

_ - - 2 am. A

GOSPEL.

USbffiU & WSet **BO*uc

NATIONAL THEATRE.. S-_ 92 B 2JH,

S ECOND WORLD WAR by Srteht
LYTTELTON fwwenlum stage) Tpu't
7.4S. Tenor 3.00 (low (Jto mao a Tas
THE IMPORTANCE OF BEING EARNEST
br WWt. WAY UPSTREAM re-lotas no

cSrrSLoi (small atnHtoHum--low price !
tr«t pry* Teui’t Tomer 7J0 .THE I
SPANISH TRAGEDY by Kyd-
Excellent Cheap <ea» all 3 theatres aad ,
STANDBY in OII«iP‘ a .'LVtteHeti Mem 10 '
an on day. Car park Restaurant 928

QUEEN'S. S CC 01-734 1166. * SB 5849 -
4031. Credit eard 01-930 9232. Groan
nice cn -379 6061. Evening! SJS. Mat
Wed 5^- Sat 3 JO 4 8JO. ANOTHER
COUNTRY by J el Ian MhcheJL

VICTORIA PALACE. CC 01-834 1517-8-

01-828 4735-6. Group sales. 379 6081.

DENNIS WATERMAN ANTON RODGERS

- Tbe News Musi car WINDY CITY. Based

on the Dlav The Front Page. Directed by

Peter Wood. Evas 7 JO. Mat Wed ir Sat

3 pm. NOW BOOKING TO APRIL 196*.

CAST ALBUM AND CASSETTE AVAIL.
FROM YOU R_ LOCAL RECORD DEALER.
CC Hotline 930 9252.

4 He at HER

MAY FAIR. S CC 629 3036. Mon-ThuM J
8.00. Frl and 5a! S A 8.30. Richard 1
Todd. Derren NeSbltl. Carpi* Mowlam m ;
THE BUSINESS. OP MURDER. SECOND .
GREAT YEAR. j

RAYMOND REVUZBAR. CC 01-734 1593.
Mon-Sat ntgMIy 7 rm. 9 pm. 11 rwn.
PAUL RAYMOND present! THE
FESTIVAL Of EROTICA. Special ton- ;
cession to members Of HM Armed Opoh
A dmnfipn Cl .00 CO any 7 rm Der 1 .t 2 Sth .
sensational veer, !

ROUND HOUSE. £67 2564 Direct from I
Erfinharoh FeCI’vsl AKR0AMA OF ’
SARDINIA ft! MARFEDDA. LUT week. I
Ives e.oa . ,

ROYAL OPERA HOUSE COVfNT !

garden. 243 1066. Access ivta «5*

*9113. S ID «m-7.S9 cm fMnn-Snt;
THE ROTAL OPERA 5a; 5.30. Cottar- ’
dammertPiu- Wit les- 37 Seni 7.30 ■
Dm Rheinooid. .Sent 5 33 . Dm •

Wsltori (Rtcberd tdlHI r renters Peter 1
Hqtmani- JO 5cut 5-19. U sel ru d . Z OR ■
5J a. O ellaeilamien iep.

WHITEHALL. 939 6975-6976 and 830
6691-7768. ROBERT POWELL as Philip
Marlowe. LEE MONTAGUE as Raymond
Chandler In PRIVATE DICK with Rennie
Lrthmn and Elizabeth Richardson. Tickets
C3. U, 65, £ 6 , £7. £ 8 - Students S-br
£2 JO. Mon-Frl 8 cun. Saa 6.15 MR and
6 AS pm.

WYNDHAM’S s. 836 3028. CC 379

656S Grp reductions 836 3962. Mon
to Set 6 00 ROBYN ARCHER In A
STAR IS TORN.

YOUNG VIC -Waterloo'. 928 6363. £wis
7 30 -Fr I 7.00* OTHELLO. All seats
£2.30- Parties £1.75. .

YOUNG VIC STUDIO. 928 6563. In tee
until 0:1 2 ScdM 50o. World's Wildlife
Fund Winners. S-S-SNAKCS. OUR FAIR
CITY PLACK FOR OLVELOPM6NT. Tel.

. for oertoepanca- tinea.- ■ -• --

F.T. CROSSWORD
PUZZLE No. 4,978

ACROSS

1 Church leader to curb the
hotheads (9)

6 Material dug up the other
way (5)

9 Island creature (5)

10 Smuggler sprinting oddly

(3. 6)

11 Finished full of resolution
( 10 )

12 Quick look we hear at dog

(4)

14 Trouble about- right of
fellow trade-unionist (7)

15 Impassive way. round one
American state (7)

17 dash or confusion created
by pupil (7)

19 Fashionable sound daughter
chanted (7)

20 An old railway charity (4)

22 Poker hand causing red

faces at the palace (5, 5)

25 Take down doak for old
Nick (9)

26 A position Pole finds strange

(5)

27 B euphemistically

glowing (5)

28 Colourful ambition of

Student Prince (5, 4)

DOWN

1 Doctor the two of us would
cut (5)

2 -Violet given something

beastly, to- -bite on 44-5)

3 Profit on share of ticket
home (6, 4)

4 Barker soldiering part time

(7)

5 They jump about in baby
clothes (71

6 Part of organ that takes
some heating (4)

7 Not a Church member for
time being (5)

8 Astonished poet before
journalist (9;

13 Postman’s habitual strong
suit ? (4. 2. 4)

14 Barts deny upsetting spec-

- .tator- (9j—

16 A dub in no new order of
marriage (9)

18 Duck included in list is
another bird (7)

19 My gear 1 disposed of In
figures of speech (7)

21 Reflected on a thousand
spent (5)

23 Begone therefore (fi)

24 Cautious route round river
14)

The solution to last Satur*
day's prize puzzle will be
published with names of
winners next Saturday: -

.. f

l

IS

Financial Times Monday September . 20 T988

FINANCIAL TIMES

BRACKEN HOUSE/. CANNON STREET, LONDON EC4P 40Y
Telegrams; Fmantimo, London PS4.Tetex: 8954371
„ Telephone: 01-2488000

Monday September 20 1982

An outrage
in Lebanon

WEST GERMANY

A new

era opens

By Jonathan Carr in Bonn

THE HUMAN tragedy of
Lebanon has become so vast and
the crimes committed against
civilians so numerous, that the
international community has an
overwhelming duty to act
swiftly and decisively to halt
the bloodshed.

As an immediate step the
French, Italian and American
troops, who recently monitored
the withdrawal of PLQ ■fighters
from Beirut, should be re-
deployed in the capital. They
could later be joined by some
of the 7.000 United Nations
troops already in the south of
Lebanon.

Next, there must be intense
international pressure to secure
the withdrawal from Lebanon
of all foreign forces. Both Israel
and Syria have attempted tn
justify their occupation of
Lebanon on the grounds that
they were helping to re-
establish order. Both have
demonstrably failed and, If
anything, their presence and
attempts to -impose a political
solution have served to exacer-
bate sectarian strife. They
should go just as rapidly

forces, together with the UN
and Lebanese Army troops, can
be brought into position

Third, the disgust and
re cr imitations which will

inevitably flow from the latest
Beirut tragedy, must not
allowed to deflect the voices of
sanity and moderation which
still insist that there can be
negotiated settlement to the
problems of tbe Middle East.

It may not be posible to pre-
vent Friday’s massacre
Palestinians in Beirut from pro-
voking a wave of retaliatory
outrages. But in the longer term
the only hope of isolating the
men of violence will rest with
the determination and political
courage of the one nation which
can exercise any real leverage
on countries in the Middle East.

President Reagan has placed
an American plan on the table
King Hussein of Jordan has wel-
comed tt. and other Arab States
have not rejected at. The best
memorial for all those who have
died in Lebanon this summer is
that these proposals should be
treated as a just and serious

as non-partisan international ' basis for negotiation.

An unhealthy
wage dispute

A CHARACTERISTIC of the
present British Government is
that it does not automatically
respond to a troublesome pay
dispute by seeking to buy it off
with an offer of more money.
It is probably that this anti-
inflationary approach is begin-
ning to be understood in the
country at large.

That is one reason why the
Government is right not further
to increase its offer to the
nurses and ancillary workers in
the health service. There are
others. The health dispute, in
which settlements should have
been reached in April, really
belongs to last year's pay round.
In that round, other public ser-
vice groups, such as teachers
and the civil servants, accepted
increases of around 6 per cent
The Government's improved
offer of 6 per cent to the ancil-
lary workers and 7.5 per cent
to the nurses— plus a little more
from a juggling of the figures
last week— does not compare
unfavourably.

In the new pay round, which
opened this month, the Govern-
ment is seeking settlements
rather lower than in the last:
the guidance, if that is not too
strong a word, for the public
sector is around 4 per cent. Thus
for the Government to concede
much more to the health service
than has already been offered,
even though it could be claimed
to be part of last year’s settle-
ment. would be to set an un-
certain signal for the future.
Such a concession would also be
il-received by the private sector
where some recent pay settle-
ments have been lower than in
the public and where in some
cases there have been no
increases at all.

That is the case for the Gov-
ernment's defence. Yet, the

general theory apart, it cannot
be said that the Government
has handled the matter well
The dispute has dragged on so
long that working relations
within the health service have
deteriorated still further,
patients have been affected and
an otherwise divided trades
union movement has found one
cause on which to unite: hence
the day of action in support of
the health workers on Wednes-
day. Mrs Thatcher’s claim that
the nurses have done better
under the Tories also looks
questionable when it is recog-
nised that about half their pay
increase since 1979 came from
the Clegg award which the pre-
sent Government inherited.

Recourse to arbitration,
which might have been the best
way forward after the Govern-
ment had made its original
offers, is now out, if only
because the tendency of arbi
tration is to recommend more
than is already on the table
But there are two other pos-
sible approaches.

The Government could take
a leaf out of Sir Michael
Edwardes’s book at 'BL and
start paying the increases which
have already been offered in the
hope that the dispute will then
peter out. More important, and
in no way incompatible, it could
produce Us own ideas on a new
mechanism for negotiating pay
in the health service in future.
Mechanisms, allowing for
degree of comparability with
other jobs, already exist for the
firemen and the police. The
Government suggested some-
thing ; similar for the health
service as long ago as mld-19S0.
It blames the lack of progress
on the unions. It should now
come out and say more pre-
cisely what it has in mind

Bonn’s coalition
falls apart

A BY NOW (familiar dilemma
over economic policy has finally
provoked the breakdown of the
liberal-social democrat coalition
which has governed West Ger-
many for 13 years. Is protracted
world recession the moment
when Germany's social security
system comes into its own, when
it must be financed at all cost?
Or can economic realities no
longer sustain a system designed
after a H'irfschajtsH««dcr, and
must Bonn embrace a shade
more rigour, a greater degree
of risk and reward, to rediscover
the upward path?

Afrer months of vacillation
by the liberal Free Democrats.

Count Lambsdorff*s sugges-
tions are by West German
standards extreme and it is
politically unthinkable that they
will be implemented in full,
yet they point in the right
direction. There is undoubtedly
fat in the range of social bene-
fits which he attacks: There
are symptoms of inflexibility in
the German economy, even of
mild economic decadence. The
dithering over the reorganisa-
tion of AEG -Tele fun ken has
provided an example in recent
months.

West Germany's valuable
social consensus must be main-

their Economics Minister. Count ™ £ ymp '

Lambsdorff, publicly endorsed Tins means that a change

the second course and thus Government via elections is

provoked final rupture with the
Social Democrat chancellor
Helmut Schmidt
The prospect of economic
growth of only 1.5-2 per cent in
1983 and of unemployment In
West Germany rising to 2m
prompted the two men to move
in Opposite directions. Count
Lambsdorff produced an
economic blueprint stressing

greatly preferable to one by
means of the “ constructive vote
of no-confidence ” provided in
West Germany's elaborately
engineered constitution.

A mechanistic transfer of
power would only extend the
period of pre-election un-
certainty end compromise. It
would leave many German
voters feeling that Chancellor

public sector investment Schmidt had been betrayed and

coupled with savings on social
benefits, reductions in tax
disincentives and cuts in unem-
ployment pay. But the Chan-
cellor. in his state of the nation
address, came out in favour of
increasing taxes on higher
income earners ot help the State
make ends meet.

then removed by a constitutional
device. If such a device must be
used for party political reasons
the conservative Christian
Democrats must undertake to
follow it immediately with elec-
tions. But an election -to decide
the next Government Is the best
choice of alL

w

E$T Germany is entering
a new political era — the
third since the country
was founded in 1949. -

The first, under Christian
Democrat (CDUJ-led govern-
ments lasted 2Q years, brought
economic reconstruction and
firm membership of the western
community. The second, under
a Social Democrat (SPD)-liberal
Free Democrat (FDP) alliance
which has just collapsed,
brought intensive social reform
and the " O^politik ” drive to
improve relations with the
countries of the Communsit
East.

What can be expected of the
third, which may begin as early
as this Friday through a parlia-
mentary vote, toppling Chancel-
lor Helmut Schmidt and replac-
ing him with a CDU head of
government in Dr Helmut
Kohl?

There are still quite a lot of
people in Bonn after the last
dramatic and emotionally ex-
hausting days who find it hard
to face the question at alL The
SPD-FDP coalition was extra-
ordinarily durable. It often
pulled back from the brink
when its breakdown seemed
imminent — and in Hen- Schmidt
it had a leader of outstanding
popularity at home and widely
admired abroad. The collapse.

Ability to attract
tbe middle of the
road voter
remains the key

although widely prophesied,
was nonetheless still hard to
believe when it came.

Even some of those close to
Herr Schmidt, who witnessed
the growing estrangement be-
tween the coalition partners
over months, culminating in a
cabinet session last week of
chilLing. because understated,
fury — confessed to seeing the
final public break as though in
a bad dream.

There were the four empty
seats on the government bench
in the Bundestag (lower house),
occupied for years by FDP
miinsters who had now stepped
down. There were Herr Schmidt
and the FDP leader, Herr Hans
Dietrich Genscher, coldly mak-
ing what amounted to accusa-
tions of betrayal to one another,
after eight years of co-operation
as Chancellor and Vice-Chan-
cellor.

There were the shocked faces
of at least some in the FDP,
who remembered the parliament
tary victories, above all in the
heady, early days of the coali-
tion ' under Chancellor Willy
Brandt. And there sat Herr
Herbert Wehner, ex-Communist,
architect of a modern. non-
Marxist SPD which -could have
broad voter appeal, gazing be-
fore hhn with a fare of stone
and looking old beyond bis 76
years.

Yet a.s well as the bitterness
and regret there has been
another emotion -in curious con-
trast — a sense of release? This
is partly because a dearly un-
tenable situation, marked by
almost non-stop coalition bicker-

ing at least -since the general
election of 19S0, has at last been
resolved. .

But beyond that, there are
signs of sheer exhaustion
throughout the Government,
above, all among those who have
fought to resolve the growing
economic, financial and social
problems which themselves
have been the key cause of the
coalition's decline and fall. On
top of that, Herr Schmidt set
a particularly fierce work pace
and spared no one, least of
all himself. “In the past five
years 1 have aged 10,” said one
senior official ruefully at the
weekend. “Let the other boys
have a go — and 1 wish them
luck. It will be tougher than
they think.”

There is always the possibi-
lity — albeit remote — of Dr
Kohl and his allies having
power taken from their grasp
in an election by an arrange-
ment of unstable groupings on
the left. But on the assumption
that Dr Kohl does -take over
Government one thing seems
certain: be will bring in no dras-
tic policy swing comparable to
that introduced by Mrs Margaret
Thatcher’s Conservative Govern-
ment in Britain, by President
Ronald Reagan in the U.S. or —
a switch in the reverse direction
— by President Francois
Mitterrand's new socialist
broom trying to sweep clean in
France.

Despite all the talk from Dr
Kohl, about the country need-
ing “ a new start” the key to
success in German politics
remains the ability, to attract
the middle-of-the-road voter. In
tbe 1980 general elections the
SPD-FDP together showed they
were more capable of doing
that than the CDU and its
Bavarian sister party, the
Christian Social Union (CSU).

For one thing, many voters
saw in the FDP and in Herr
Schmidt personally, a guarantee
against a swing too far to the
left. For another, some voters,
inclined to feel the time had
come for a change in Bonn,
nonetheless feared there would
be too far a swing to the -right
under Herr Franz Josef
Strauss, the fiery CSU leader
who had been accepted by both
Union parties as chancellor -
candidate..

Since then two key develop-
ments have changed the politi-
cal situation. One was the
emergence In Germany (and
elsewhere) of the longest post-
war recession, taking unemploy-
ment close to 2m, increasing the
strain on state finances, and
undercutting support. for jJhe -
government parties. .

That matters more to the FDP
than to the SPD. The liberals
usually only gain up to about
10 per cent of the vote any-
way, and under German law
parties which win less than 5
per cent cannot have parliamen-
tay seats. Thus the FDP had
deep and growing fears for its
existence, and saw a move to
alliance with the CDU as a
possible way of boosting its
prospects.

The other development was
the re-emergence of Dr Kohl as
the most likely chancellor can-
didate in place of Herr Strauss.

Chancellor Schmidt’s coalition
collapsed amidst bitterness,
regret and a curiously
contrasting sense of release

Dr Kohl is a man of the dead-
centre in politics — a big, genial
ex-Prime Minister of the state
of Rhineland Palatinate, and
thus a more acceptable partner
for the liberals. The country
now faces the early prosp’ect of
a CDU-GSU-FDP coalition,* at
least until new general elec-
tions are held in the next few
months.

But even if the FDP failed
to clear the five per cent hurdle
in -the elections and did not
return to government CDU-
.CSU policy in Bonn theteaf ter
would not be dramatically
different.

The Union Itself is a kind of
coalition, . embracing very
different groups from left and
right Its only, real hope of tmSty
is to have a strong man of the
centre to find a balance between
these conflicting pressures. Dr
Kohl's political opponents (some
of them in his own party) say
he is not such a man and—'
inevitably — compare him
unfavourably with the party’s
outstanding founder and the
country’s first Chancellor. Dr
Konrad Adenauer. However. Dr
Kohl has been head' of the CDU

for nearly a decade (despite all
his rivals), he fought a strong
election campaign in 1976. gain-
ing 48.6 per cent of tbe national
vote, and he now seems to have
within grasp the Chance to show
his many critics that they have
underestimated him.

None of this implies there
will be no change at all, on the
assumption Dr Kohl forms a
Government. It is quite possible
that business and industry, long
complaining about the extra
burden in social security and
other costs to emerge under the
SPD-FDP coalition, will, receive
a boost to confidence. The sharp
rise in share prices last Friday
following wordof the coalition's
collapse indicated as much. But
any euphoria may prove short-
■ lived.

It is certain that the CDU-
CSU (plus the' FDP) will take
action to trim the social security
system, cut subsidies ( which will
not please all industrialists, but
will help state finances) and try
to encourage more investment
through tax cuts. But It la al-,
ready clear that the comprehen-
sive slimming cure for the state,
proposed last week by the FDP’s

ex-Economics Minister Count
Otto Lambsdorff, will not find
full support in the Union either.
A package of “ corrections and
adjustments" seems likely to
emerge which will amount
to quite a Jot more than the
SPD would have accepted, but
quite a bit less than Count
Lambsdorff would have liked.

If that assessment is accurate,
it implies that German business-
men will feet happier than they
otherwise would have been if
the SPD-FDP had stayed on.
But unless other things, largely
beyond the government’s con-
trol. change for the better too,
then the overall economic out-
look will not be much different.

A new government may be
able to cut state borrowing a
bit, thus taking pressure off the
capital market and casing pres-
sure on interest rates. But it
will be no more able to in-
fluence the development of U.S.
rates, which have a major in-
fluence - on those in Germany,
than was its predecessor. Nor
will it be able to force other
countries to buy still more Ger-
man goods (and some one third
of Germany’s GNP goes to ex-
port) than they do already. Nor
can it influence the price of
energy and raw materials on
which the country is so import-
dependent

It is hardly a criticism of an
incoming government to imply
that it' may marginally improve
the economic performance of a
country which, with a bit more
than 5 per cent inflation, a little
less than 2m unemployed, a
record trade surplus and a
declining ' current ; account
deficit, is already doing
relatively less badly than most
other industrial states. It is
simply worth underlining that
West Germany does not have
much room for independent
economic manoeuvre— and that
this applies in large measure lo
broader foreign policy too.

The CDU-CSU says it will act
to strengthen Bonn’s ties with
the U.S., and it is true that
persistent criticism of Washing-
ton, from the SPD’s left-wing
above all, was an irritant for
years. There could well be some
improvement here. On the other
hand, almost all Western Euro-
pean countries are-, now
grapplmg with the U.S. on
issues in which trade and
politics are closely linked. The
Germans are not likely to
become a clear exception. For
example, Washington would find
a new Bonn government no
more ready to drop adherence'
to the controversial gas pipeline
deal with the Soviet Union than
'was the old one. The CDU-CSU
argument is that it would prob-
ably not have become involved
in the deal in the first place—
but that contracts which have
been signed must be respected.

Looking East the “ Ospolitik ”
has become much less contro-
versial domestically than it was
a decade ago. The Union says
it •will respect the treaties which
have been signed by the SPD-
FDP government, that it aims
for a "constructive dialogue”
with Eastern Europe and the
Soviet Union— but that it win
negotiate more realistically than
its predecessor. In EEC matters,
the CDU-CSU has long criticised

the government for faiHng to
promote European unity more
energetically.; But, agahrlt is
not dear that the new adminis-
tration will be more, effective
in pressing for reform of the
Common Agriculture - Policy
(CAP), for solution of the
Coraaiunity’s budget problems or
in seeking further development
of the European Monetary
System.

Is the comforting but unexcit-
ing message, then, that this
third era of West German
politics will be one of consolida-
tion? Broadly it is— but -with
three important warnings. . *

The first is that ihe new elec-
tions could produce 'a result'
promising anything but stability
and consolidation. The above
has been written on the assump-
tion either that a CDU-CSU-
FDP coalition continued after
the elections, or that the CDU-
CSU would gain an absolute
majority and govern alone.

But it is also posable that
“the Greens'* — the amorphous
movement embracing ecologists,
critics of NATO and so on-
might gain parliamentary seats
while the FDP got none.

This could just open the door
to a government formed
between the Greens and an
SPD which had swung to the
left, or to an SPD minority

Sharp increases in
unemployment
could bring
serious unrest

administration tolerated by due i
Greens.

This is not very likely, ;
partly because the Greens, who
differ markedly from one area
of the country to another, would I
have grave problems presenting )
a united front in a nationwide -
election campaign.

But it is not impossible, and
one international factor-— the
second, warning point— might
well help them. This is Nato's
so-called “ twin track " decision,
under which new U.S. nuclear
misiles will have to be deployed
on European (mainly German)
soil from the end of next year
if superpower negotiations fail,
As the deadline approaches,
opposition to deployment seems
bound to rise and- could help
unite the Greens and other
groups

Finally, an era of consolida-
tion presupposes that the
present recession throughout
the western world does not turn
into deep depression.- .Senior
members of the present govern-
ment note that there is now an
accumulation of world
economic, financial and political
risk of a kind not seen at least
since the 1930s. Further, sharp
increases in unemploymeat
could bring serious social unxwt

This is a problem for the
West, not Germany alone. But
the Germans are the most sensi-
tive to it. As they make their
marginal shift from the political
centre-left (o the centre-right,
they are haunted by the old
ghosts of their fiat, failed
experiment with democracy
under the Weimar Republic.

Men & Matters

High rollers

A S2bn -poker game is drawing
towards its climax this week.
The chief executives of the two
large U.S. corporations involved
know that the outcome will
depend in large measure -upon
their ability to outbluff' each
other.

tomorrow to change their com-
pany rules.

Also, no one is forgetting that
Harry Gray, chairman of United
Technologies, and past master
of the takeover, is still prowling
around the game and trying to
peep at both players' cards.

If there is a showdown the
loser* will not retire empty-
handed. When the battle started
one of the first actions of both
sets of directors was to sign
themselves handsome employ-
ment contracts.

William Agee, -the 44-year-old
chairman of Bendix has already
shown his hand by buying vot-
ing control of >Iartin-4M arietta
in the smali hours of last Fri*
day. He challenged Thomas — — — — - — ■■

PownaJI, Marietta’s chief execu-

to go. a head with bis threat WeiCOme quiet
to buy "control of Bendix even

if Agee had already bought
control of Marietta.

The wild card in Pownall’s
hand is a provision in Mainland
state law which says that a
hoard like Marietta's cannot he
changed without formal appro-
val at a shareholders’ meeting.
That, he says, means he can
throw out the Bendix board
before Agee can give him his
marching orders.

The two are an unlikely pair
of combatants. Agee has seldom
been far from the news since
he took over at Bendix in 1977
when his predecessor, Michael
Blumenthal. went on to join the
Carter Administration. He has

One aspect of Wednesday’s
threatened day of action causes
wry amusement in Whitehall.

Union leaders decided the
print workers should 'make their
gesture on Tuesday. They rea-
soned that this would mean no
morning papers on Wednesday.
But there would be publication
on Thursday In time to give
ample coverage of tbe events of
the day of action itself.

That reasoning has over-
looked the fact that Septem-
ber's unemployment figures are
due to be published on Tues-
day, 0n : a normal Wednesday
morning they would have been
given front-page treatment and

‘There’s an SDP candidate
in my seat”

many unemployed there are in
London.

However, such aggressive
socialism does not . deter Ken
and his councillors from opening
up the posh staircase for council
meetings. They climb its flights
with pride.

A television company prepar-
ing a documentary programme
for tbe new Channel 4 is also

. , . ..... - . , interested in the staircase and

been successful in his job but would immediately have become has been measuring and photo-
his decisive style has made him the peg for a new round * of

at the BL Heritage motor
museum in Syon Park, London.

Ray Horrocks, BL Cars
chairman, was seen poring over
the. drawings with Roy Axe, the
jovial ex-General Motors man
who took over as Austin
Rover's director - of design
earlier this year.

Axe was highly complimentary
about some of the entries, par-
ticularly the Multi Role Rover
— a splendidly aerodynamic
device apparently the product
of the union between a drag
racer and a bread van.

That entry won for Gavin
Page, a 27-year-old freelance
designer, first prize In tbe
professional section. .

What are the chances of such
Ideas reaching the assembly
lines? Practical and attractive
as both winners were the
answer is — minimal.

The. next one — the LM 10
hatchback — is du& in March.
Some sneak photographs have
produced uneasy feelings
among motoring buffs that,
against a host of attractive new
models from rivals, . LM 10
might lack sparkle.

“ Not ■ to worry ” says Axe.
All the snaps -have been of
prototypes or cars' in disguise.
“The car in. its final form is
very different — a much nicer
proposition altogether”

enemies.

speeches lambasting
In sharp contrast Marietta’s Government,
executives have shunned pub- — -
licity in tbe past and have kept

the

graphing it with a view to hiring ui,.-

itasafilmset. Oneil-IIKe

away from the rough-and-tumble MOSCOW SO Id
of contested takeovers. Pownall, °

a 60-year-old, took over as chief
executive last April. The
ferocity of his counter-attacks
has startled Bendix.

Agee’s proffered olive
branches have been rudely
ignored. And Pownall has
approached both United Tech-
nologies and LTV in the search
for possible alternatives.

Wall Street first assumed his
counter-bid for Bend Lx was

One of the finest features of
County Hall on the south side of
Westminster ' Bridge is a
ceremonial staircase . with
wrought iron gates and copious
marble which is only used on
high days and holidays.

Nowadays County Hall has
become the dedoubt of the
socialist Greater London Council
under its left-wing leader Ken
Livingstone. Defiant, upon tbe

The planned film is The Last
Days of Stalin. Tbe GLC stair-
case is reckoned among the best
substitutes to be found in Lon-
don for a Kremlin interior..

Will Ken Livingstone get the
message— or get a part in the

film 2

BL converts

Austin Rover insists that a
competition to design an open
MG Metro sports . car and a
“ leisure ” vehicle based on the
Rover saloon car is not an
sheer bluff. Now no one is stfre; battlements Is an endrmoue sign extension of the great BL
The crunch, might be averted facing the Houses of, Parliament economy drive. The restilts of
if the Bendix shareholders agree and reminding all MPs how the contest are now on display

Knowledgeable conchologists
are sure that the British Prime
Minister’s name will help her
In her visit to Japan.

The Japanese Wonder Shell
is also called — wait for. if —
Miraculous Thatcheria. Sea
Shells of the World by Gert
Lindner (Bhmdford Press) tells
me that it Is a thin shell with
a striking pagoda-like spire, a
smooth surface, and with very
fine ornament .

The outside is pale sandy-
yellow and it is found in the
coastal areas of southern Japan.

Observer

Courage in old age
deserves a bequest
of practical help

Lt. General Sir Brian Horrocks

“Just as I am proud of our soldiers, I salute the
fortitude of old people battling against very difficult
housing often condemned to live in lonely solitude.
When I am no longer alive I want my support to
.continue, and it will do so through Help the Aged
where flats and Day Centres are doing so much to
give back the happiness that should be part of old.
age. I am glad too,, that they send food, and other
aid to some of the world’s desperately hungry people,
for I have seen the near starvation they endure.”
Gifts to charities are exempt from Capital Transfer
Ta^ even if a donor dies within a year , or makes a
bequest on death. ■ The exemption limit is now
£250,000...

1982 IS THE 21st YEAR SINCE THE FOUNDATION OF
HELP. THE AGED . •

In our 21st year will you please be even more generous in
your giving— it wUl be put to good and practical use .without

delay... . ........ •

Please give generously to: The Hon. Treasurer, The Rt Ron.
Lord Maybray-King. Help the Aged, Room FT1L, .FREEPOST
30, Londou.mEJJZ (no rtoiiip. needed)/ • *

r

f: ‘'.T J ,T_- i.-lafiSS

•i •,

.Jtnancial^Times : Monday Sept'eniber • 20 -1982 - ..

-FOREIGN AFFAIRS

m a

By Ian Davidson

WHEN . THE Foreign^ Miitisiers
of the European IConuuuriiiy
gather today for a meeting on
foreign policy co-ordination, the
top of their agenda- will he the
subject of European-American .
relations. - . . ' " . ;

- Now, according' to Sir Roy-
Denman, EEC Ambassador to
Washington,' v these ■ trans-
atlantic relations are. currently
going through their roughest
patch in living memory. That
may he a bit of attention-seek- ■
ing hyperbole — Sir . Roy has .
never been one to speak in
undertones — but the crisis over
the Soviet gas - pipeline, over
European steel exports to the
U.S., ' and more generally over
. President Ronald Reagan'S pugi-
listic Attitude to - the Soviet-
Union, is certainly serious, and
likely to get worsen
It is likely to get worse
because, if there Is one constant
in the recent ' pronouncements
of .administration officials— and
there aren’t many. — it-is that
Ronald Reagan is hot about to
modify the basic thrust of his
anti-Soviet policy, . and that- if
the Europeans want him to drop '
his pipeline sanctions, they .will
have to . come ' up with some
alternative economic sanctions.

■ MrJroIm Nott (left),. leaning towards GanlUsmraKr Prancis Pyni (right), trying to put a con-
structive face on UK poKcy ^

- Third, supposing that theySpain and Portugal, "'ever the
Conclude . that these premises future of the common:- ajgricul-
are irremediable facts of life tural policy, -which- -may -rival

The Europeans - are equally
adamant -that Reagan's policy is
all wrong, and while some
governments, like the British,
would like to soft-soap a way
out of the crisis, by talks and
meetings and committees, it
doesn’t seem as though that
approach is likely to make much
headway. What looked at first
like an error -o£- communication
(over the gas pipeline) now
looks more like a conflict of
principle (over- the basic ground
rules for East-West, policy). -

Xf so, and if both sides re-
main as stubborn, as looks prob-
able tight now, a number of
questions follow.

First, will the quarrel escalate,
with controlled economic
retaliation against the US., or
will it be confined jwiihin the'
bounds of diplomatic remon-
stration, as in. 'the Denman
speech?

Second, if European govern-
ments believe that the .quarrel
is not the product of a passing
gaffe stiffened by pride, xjll
they start surreptitiously to re-
examine, however tentatively,,
some of the basic premises
which have governed trans-
Atlantic relations for . the past
35 years?

which should not be discussed
even between consenting adults,,
will : they nevertheless wonder
whether the transatlantic crisis
does hot call for a serious effort
to strengthen and improve
relations between themselves,
notably but not exclusively, in
the framework of the Com-
munity?

On balance, it seems probable
that both- halves of the alliance
will try to avoid any escalation
of the specific trade conflicts.
But the answers to the other
two questions axe igther harder
to call. On the one hand, there
is greater uneasiness in Europe
over America’s military and geo-
political posture than for many
a long year; yet it is so hard
to think of any modification. of
the basic alliance relationship
between Europe and America
that would not make matters
worse, that most governments
will prefer not to think about'
it at all.

On the other hand, the pro?
found flaws and fissures within
the European Community have
been with us for a decade ; and
yet pessimists fear that, before
the year is out, the Ten. will

their quarrel with the UA

Given all the "controversy
about nuclear weapons, how-
ever, it is impossible for govern-
ments not -to be concerned about
the alliance relationship. The
British Labour Party -is com-
mitted to a policy which would
get rid of British -nuclear
.weapons and evict American
nuclear weapons from these
shores; even if;' this ' policy
did not lead to Britain's depar-
ture from tiie alliance, it would
certainly deliver, a reeling blow
to the structure of Nato. Mr
Egon Bahr, erstwhile midwife of
West Germany's Ostpolitik, has
advocated' ihat r his country
should be a nuciear-weapons-
free zone; even if such a policy
did not lead -. to- German
neutralism, it would require a
radical rewriting - of Nato's
strategy of flexible response to
any Soviet aggression .

Most striking of all is the
admission in The . Guardian a
week ago by Mr John Nott,
British Minister of Defence^ that
he is a Gaullist, arid that the.
Government is buying the Tri-
dent submarine missile system
for Britain, but not for Nato.

have inarched ineluctably into - From one point of view, he is-
a crisis over the Community saying nothing new. A
budget, oyer the '.accession of, nuclear force as small as

Letters to the Editor

Britain’s could only be fired
once, and it is inconceivable
that it could be fired before the
last possible moment ; its only
function is to deter an attack
on the UK.

What is new is that John Nott
is the first British minister to
admit to a truth .which has
hitherto been veiled in alliance
hypocrisy. .President Kennedy
agreed to sell Britain the
Polaris missile .only on con-
dition that it was publicly
assigned to Nato, and subse-
quent British governments have
played along with this charade.

Mr Notfs new-found candour
may be- thoroughly praise-
worthy: a nuclear doctrine
based &n hypocritical assurances
of commitment is liable to lead
-to tears before bed-time. In the
immortal words of Fats Walter:

Be sure it’s true,

When you say “ I love you,”

It’s a sin, a double sin to tell
a lie.

In the same way, if the con-
troversy over the credibility of
America's commitment to pro-
tect western Europe with
nuclear weapons leads to a
serious effort to put the problem
right, that will be all to the
good. At the same time, how-
ever, it must be recognised that,
in political terms, Mr Nott's
troth-telling is not neutral:

Britain’s social attitudes to modern industry

From Mr G. Leman . - . ..

Sir,— During and after world
war two, I was educated at one
of those dreadful schools which
has a bias against the practical.

Even those who were not
specialising in a. science had
classes in general science, by .
no means at the gentlemanly
level of "pure” theory but
richly technological (I recall a
vast mirror galvanometer and a
simple hydraulic device that
smeared a potato into a thin
film).

The school . had a well-
equipped engineering shop. At
that time, It was mostly working
on a sub-contract, finishing large
aluminium or magnesium cast-
ings that were part of the land-
ing gear of the DH '* Mosquito "
light bomber.

Uy best friend there was an
impure physicist. Given current
City euphoria about wiring up
the country, you may like to
.know^that between us. we rigged
a piezo-electric pick-up to. a
clockwork gramophone, lashed
up a battery amplifier, and ran
a cable down from one of our
studies to the junior common
room, so that any consumer
who equipped himself with a
pair of headphones could do his
prep to Louis Armstrong, Miff
Mole, Harry James, Benny
Goodman' (trio and quartet; of
course) and even Nat GoneDa-

Britain's malaise can’t be our

fault. Maybe it’s because we
try to be a greater power than
we are and divert all our talent
into, weapons systems, while our
erstwhile enemies turn .their
talent to ice trays for refrigera-
tors and pretty fronts for hi-fi
boxes?

G rah a me Leman.

21, Shakespeare Road, WS.

From Dr W. Grant

Sir, — The books discussed by
your Management Editor on
September 15 offer a plausible
explanation of Britain’s poor
industrial performances. Wiener
in particular, however, fails to
grasp the . ambivalence of
British attitudes towards the
countryside, the way in which
its symbolic importance allows
a - blend of continuity and
change. Baldwin, discussed by
Wiener at length, pretended to
be'a farmer, but he also facili-
tated the- construction of the
National Grid,; one of the most
important -forces for industrial-
isation and urbanisation in
British history.

It is easy to blame the educa-
tion system, but when I tried for
.a job in industrial management
on graduation, 2 was told by one
large company that they weren’t
really interested in people with
good - academic records. The
writer of your Jobs Column may
approve of this attitude, but it
may help to explain much of the

“' siphoning off ” that does occur.

If young people are becoming
more interested in industry, it
may be that we are solving yes-
terday’s problem today as the
economy- increasingly becomes
service based.

(Dr). W. P. Grant.

194, Rugby Road,

Leamtagton, Waneicfcs.

Preoccupied with
rural values

From the Research Officer,

The Cooperative Party.

Sir, — Christopher Lorenz
(September 15) makes the
observation that British society
is preoccupied with rural values
and this has played a central
.role in Britain’s industrial
decline. Writers on rural affairs
and rural lobbyists from the
turn of the century would dis-
agree with him. Certainly
between the wars- it was the
widely: held" view: that rural
values were being, overridden
by a developing: industrial
society, to the detriment of. the
nation, Since the war this has
got worse not better."

I listen to The Archers six
times a week because I long
for my rural past but I. am
firmly rooted in today’s indus-
trial society.

Peter Clarke.

1S8. Buckingham Palace Road,
SW1.

At the mercy of
the market

From Mr C ToHlor
Sir,— I have . read with
interest Samuel Britten's article
on "The real story behind
interest rates " (September 13)
in which he contends that “ a
subtraction of 2j per cent (the
yield on long-term index-linked
stock) from the yield on normal
stock gives a rough idea of.
investors’ Implicit expectations -
about inflation.**

■While I agree in principle; it
appears ..to me that Mr Brittan
has overlooked two factors: (a)
tax. which at 30 per cent would
reduce the present gross yield
of (say) -11.75 per cent to 8 l 23
per cent, and would reduce the
per cent to 1.93 per cent,
producing an investors' infla-
tionary expectation of 6-3 per
cent, which would be fully- com-
pensated by tax-free index-
linkingl aftd tb) the lade*
linking of the Interest itself on . .
Index-finked stocks, which
would serve to reduce the infla-
tionary . • expectation even
further- • -

I would doubt however'
whether :*nyonc would be. .pre-
pared to^put his shirt on an .
inflation rate of 6 per cent in
Uie lopgj&nu* and it might, well

be that long term index-linked
stocks are to some extent under-
valued. On the other hand,
prospective investors might to®
deterred by being at the mercy
of the market should they find
it necessary to realise the stock
beforrmaturity.

Cliff Taylor,

MoBlimc.

?; LiscumWay , .

Highlight Park,

Barry, South Giant. - -

Much ado about

very little
From Mr A. Abrahams
Sir,— Samuel Brltian's piece
(September 13) might hare been
better entitled “ Much ado about
very litfle." Long ago Fisher
discovered’ that long term
interest rates tended -to exceed
inflation by around 3 per cent.
Strangely Mr Brittan does not
dwell cm the possible analytical
implications of bis curve of*
"expected long term inflation
rates," for the nature of an
efficient market is that it strives,
through a series of lurches, to
find, the correct equilibrium to
accommodate buyers and sellers,
or leaders and borrowers. That
equilibrium, Fisher found, was
best expressed as a real rate of
nstUHvef around 3 percent. The

technique of subtracting 2 } ■per
cent from the nominal rate of
interest for the period precede
ing March 1982 is perfectly
justifiable, and statistically
could have been extrapolated
much further hack with equal
justification. Carrying out such
an exercise and overlaying the
graph with carefully chosen
moving averages tells us some-
thing important about the
current activity -in -the gold
market.;. •

A. S. Abrahams.

Bone Fitzgerald & Co~

S5 London Wall, ECS

Compare and
contrast...

From the Commercial Director,
British Printing Industries ■
Federation.

Sir,— If your .correspondents
(September id and 15). wish to
base comparisons on the price of
yogurt and its containers, they
may like to have some accur-
ate data.

The price of printing yogurt
pots ranges from £3. to .£4 a
thousands that is ll.3p-0.4p each
against Air Wilkson's estimate
of Bp. .

S. A. Henderson.

BPIF,

II, Bedford Roic, WCI.

Technology industries
lack added value

From USt J. Nichols

Sir,— Having read Mr Dick-
son's interesting article (Sep-
tember 14) on Mr Melchoris
Anglo American fund it seems
to me that the latter would
have saved himself much heart-
searching if he had checked on
the . supply of “technically
qualified people with proven
business skills" in the UK
before launching his fund in
this country.

It is probable that Mr
Melchor's lack of success is due
largely to 25 years of mis-
directed governmental educa-
tion policy which favoured
academic subjects, thus leaving
Britain a generation behind the
U.S. and the USSR in the supply
of technicians to man the
industries that Mr Melchor
seeks to establish.

Furthermore, the UK economy
has hardly been conducive to
“risk taking in order to achieve
rapid growth.” A commercial
venture I considered five years
ago left me with a maximum
return of S per cent after pay-
ing 20 per cent per annum on
the capital' required to finance
it Taxation on my meagre
profits would have been at 65
per cent and inflation was
between 20 per cent and 25 per
cent per annum. I would like
to claim that “business sense
prevailed" but however you
interpret my decision, I closed
the operation down on the
grounds that .it was not worth
the risk and so disappointed
my American customers.

I feel, however, that in seek-
ing to support high technology
industries such as those
examples given in Mr Dickson’s
article, the suppliers of venture
capital are putting their money
where the effect on the ailing
economy wUl be minimal. It
win take 100 companies of the
type illustrated to compensate
for tiie damage done to the
economy by closing just one
small engineering firm.

Mr C. Marshall made this
point elegantly in his letter of
September 13 entitled “Duplica-
tions of transmitting digits
rather than people.” He com-
pares, as an example, the effect
on transport of the introduction
of railways and the internal
combustion engine with “new”
leading industrial sectors —
largely based on microelec-
tronics, .which result in marginal
improvements only.

In short, what the new high
technology industries- lack is
added value. Efforts must
therefore be directed towards
re-establishing profitable opera-
tions in the more traditional
industries.

J. W. L. Nichols. .

Olsen Products,

Hill House,

Holton St Peter,
tialesicorth , Suffolk,

19

coming be/ore any rectification
of the problems of extended
deterrence, it represents a dist-
ancing of Britain from the
United States which may be
symptomatic of .the current
stress in trans-Atlantic relations.

The doubts about the credi-
bility of flexible response and
extended deterrence are pri-
marily- European doubts. As one
prominent American analyst put
it to me the other day: “We
dofll have serious difficulties
over the creulibilijy of the doc-
trine, and we- don't think the
Russians- do either; it’s you
people who have the problems.”
If there is a main-line view
among' European thinkers, it is
that the problem can probably
be handled by cuffing back on
Nato’s dependence on tactical
nuclear weapons, especially in
forward, areas, and by beefing
up the alliance’s conventional
defences. .

The implication of this recipe
is that in future the Europeans
must depend less on the Ameri-
cans and more on themselves
for their own defence, since
there is no chance that the
Americans will increase their
troops in Europe. There Is great
controversy whether the stiffen-
ing of Nato's conventional aims
would have to be massive or
marginal. But in the current
state of national finances, even
a marginal increase would be a
struggle, if it is conceived of as
doing what everyone is doing
now, but a bit more so.

Getting more bang for the
buck may require a radical re-
think of national roles and of
national arms procurement poli-
cies. The price for a more re-
assuring conventional nuclear
balance and reduced depend-
ence on American nuclear
weapons, may have to be a more
integrated approach by the
European members of the
alliance.

In - the best of times, that
would call for a considerable
effort of political commitment;
what we face, in the European
Community, is the danger of
political fragmentation. The
argument over Britain’s demand
for a rectification of its ex-
cess ive contributions to the
Community budget has been go-
ing on for so long that it is
tempting to believe that the
quarrel this autumn will be as
bad as before but no worse. Un-
fortunately, the circumstances
are worse.

In the spring Mrs Thatcher

was forced to accept half a loaf
for this year’s compensation,
but the Germans screwed back
their own contribution, and
there is still no agreement on
who else wili pay for it

The German political- scene Is
in uproar mainly over the de-
gree of economic austerity
required. President Francois
Mitterrand came to power with
a healthy budgetary balance and
large if windy hopes for the
Community; 18 months later, he
has blued his legacy on the
trinkets of nationalisation, and
is trying to put the country back
on short commons.

Anyone who wants to vrestle
with the details of the British-
EEC budgetary problem, - can
hardly do better than read
Geoffrey Denton’s recent study*:
its only defect is that, even in
160 pages, the details -remain
fiendishly complicated. To my
mind, these complications sug-
gest that the budgetary argu-
ment is really a symptom of a
much deeper malaise. The Ten
have set out tD sea in a leaky
bathtub, the wind is rising, their
feet are getting wet. but they
still haven’t decided where they
are going.

We have free trade in goods
(sort of), but not in services.
We have a common policy for
agriculture, but not for any-
thing else. We have a European
Monetary System (sort of), but
no convergence in economic
policy or performance. A long-
standing if. deplorable conven-
tion on the way decisions are
taken (the national veto) has
been swept away, but nothing
has been put in its place. We
have a European Council which
has been reduced to a court of
appeal for the mercantilist bick-
erings lower down, but there is
no consensus on the degree of
commitment to common in-
terests. That is why there is a
budget crisis.

Mr Francis Pyxn, Britain’s
Foreign Secretary, is doing his
best to put a constructive face
on UK policy towards the Com-
munity; yet he still says the
budget problem must be solved
first We need a larger debate
than that. What should come
first It seems to me. is some
serious thinking by European
governments of the nature of
their relationship to each other
and to the United States.

• The British Problem end the Future
of the EEC Budget, by Geoffrey
Denton. Federel T rust /T EPS A report
£ 10 .

Lombard

The issue of
union power

By Samuel Brittan

IT IS a refreshing change to
come across a book by a politi-
cal writer dealing with political
history, which treats economic
policy seriously rather than as
a form of black magic which
affects the parties’ standing in
the polls. Political Pressure and
Economic Policy by Martin
Holmes (Butterworth, £15) is
not only tbat, but it is also one
of the very few serious studies
of the Heath Government of
1970-74, an extremely traumatic
period in which most of the
issues of current economic
debate first originated.

The turnround from the
"Selsdon” phase of supposed
economic libertarianism to the
extreme dirigism of Mr Heath’s
last two years is not as puzzling
as it appears to many com-
mentators. “Selsdon Man” was
a creation of speech writers and
image makers. Mr Heath saw
his Quiet Revolution as a series
of practical measures: and when
they did not appear to work
quickly he turned to others:
price, wage and dividend con-
trol. demand boosting, higher
public spending and — above all
— the most interventionist In-
dustrial Act the country has
ever seen. It was his distaste
for theoiy which allowed such
large policy changes to be made
without reflecting on their ulti-
mate consequences — that plus
an intolerance of dissent which
makes the Iron Maiden a clay
doll by comparison. But the
more general lesson Is the weak-
ness of a mechanistic “com-
mand” view of society. Such a
view finds it difficult to under-
stand why investment does not
shoot up when certain economic
levers are pressed nor why a
“Phase Three Pay Norm.”
which was based on a TUC view
of “fairness" and which had
supposedly been sold to Joe
Gormley at a secret meeting in
the garden of No 10 should
have led to a confrontation
with the unions which Mr Heath
— contrary to the media image
of the time — was desperately
anxious to avoid.

One of the peculiar paradoxes
of the 1970 election was that
as Mr Holmes shows, the Con-
servatives won it on tiie infla-
tion issue more than any other.
The inflation issue was more
or less forced on the Conserva-
tives when it emerged in the

election; and despite the "at a
stroke promises ” they were
completely dependent in office
on Civil Service advice which
was then dominated by the in-
comes policy model.

- But Mr Holmes establishes -
beyond doubt that it was un-
employment which caused the
major turnround on all fronts.
Everything else, even the
famous report by the Chief
Constable of Glasgow an his
inability’ to guarantee public
order if Upper Clyde were
abandoned, was secondary. But
the panic point was a headline
figure of “ a million ” and a
true figure without winter dis-
tortions of about 800,000.

The massive secular rise in
the equilibrium unemployment
level is not — taking a view over
several parliaraen Is — primarily
due to positive action by unions.
But union monopoly power —
and the whole wage round
mentality which affects many
employers, politicians and
officials — has been a powerful
force preventing the adjust-
ments in market prices (prim-
arily, but not only the price
of labour) which would have
helped to price people into
work. The problem of “Who
runs Britain?** posed in the
1974 election was a valid one.

One reason Mr Heath failed
to rally the country on the issue
was that he did not believe it
himself. This book demon-
strates how reluclant he was to.
call an election and how he
did not want to concentrate it
on the question of union power. .
as his ultimate hope was to .■
govern Britain with the unions.
The public must have sensed
this, just as it sensed that Mr
Callaghan in 1979, despite ;
being brought low by the
unions, had no stomach for gov-
erning against rather than with
them. But no excessive power
of any kind can be reduced
without “ confrontation ” of
sorts. The success of the present
attempt to tame union power
will be seen when output and
activity begin to recover — as
ultimately they will however
difficult it is to guess the timing
correctly. If the Social Demo--
crats want their economic policy
to be taken seriously they
should stop saying they are not
“ anti-union ” — a stance which
is not even helping them to
obtain votes.

New
city

offices

£7.00 a foot

The city is Peterborough. Fifty minutes from
King’s Cross. The offices aie in Midgate House, *
asuperb newbuilding overlooking die cathedral
The cost is all- inclusive. Rent, rates and
service diatge!

The last 10,000 sq ft is available now.

Gall todav and discover how vour business

j j

could benefit from die Peterborough Effect.

Modem offices in die city centre are also
available from 2,000 sq ft. Another 58,000 sq ft is
beingbuilt and a further 300,000 sq ft will *

startsoon.-

. Ring John Case on Freefone 432L uv' '

ftnuistbetheFefcerb 01 ’^'*

. /

A

20

*»< m» UK COMPANY NEWS
jEnco

RECENT ISSUES

inancial Times Mptiday,

■*£:

uragmg

Research

HlS annual statement, Mr
ffip rd Audley, Uic chairman nf
~ Research, says he is
...Qieoarageij by ihc resuilK for the
*“51 months of the current
9enod ending April 19S3.

As reported August 20. group
pretax pro fils fr»r the 12 months
«> April 30 I9S2 advanced by
'fZ45m to Ll.Oim. on turnover up
from £3i!.lfim m r 40.39 m.

Oa prospect. Mr Audlcy Mates

that Hip group's research and
information systems ^mpanies
At home and abroad are likely lu
show sound growth and it will
continue in siruegie for .saita-
. factory returns on Ihc • publica-
tion* side.

Mr Audley reports that agree-
ment has been reached for the
acquisition erf a majority interest
In the Survey Research f.inmp
(SRC'i which is ihc largest
.market research group, in South-
East Asia. SRr; includes market-
ing and media research com-
panies in Singapore. Ilio Philip-
pines jrjd a number of other
Asian countries.

At the year-end, group sliarc-
holders' funds w**re ahead from
SI0.4r.ni to £i9.R4m. Fixed assets
amoun'ed in £7.Wm i£4.55m) and
there v.-pre net current asset' of
£4.5m t£0g!9m liabilities 1. Net
liquid funds showed an increase
of S3* 4m int.SSm decrease 1.

Meeting. London International
Press Centre, EC, October 11.
noon.

Better second
half at Makin

D ES P1TE AN " envoi raging ”
second six months compared with
first half, taxable profits oF
J, & J. Makin Taper Mills
declined to £ftf 2.000 for the year
to March •'’•1 19S2, a tlerrease of
£297.000 un the previous year.

There was a £313.WiO shortfall
after six months to £262.000.
and in iheir interim .suntmciu
the directors warned that the
second lialf would rellect
depressed condilions in which
the group v.a.» having to operate.

They point out now Shat while
(he improvement in the second’
lialf of siie year was “encourag-
ing.'' nu real change in trading
‘Hindilions was seen. They say
the outlook remains as uncertain
ns ever and thul in recent
months there seems 1*1 have hern
a fresh deterioration generally

which ha= affected :-rm? areas
of the group'* operation?.

Full year turnover wav much
the 'Kirif at El$.3m (£lS14mi.
Pre-ia-: profits inrlnderf invest,
mrnt and other income of
£17:5.000. against EM2.000. and a
bieger *hare oT losses of

associate? at £55.ono. compared

With £iiS».0(Ml.

Stated earnings n*?r 25p_ share
dropped sharply from "2 “Ip fn
IS.ftlp. but the dividend is h-id

at 3n net hy a janie-a^ain final
nr “1 1 Tax took £314.000
(£4ns.onm

Profits nf the nancr companies
improved to £423.732 in the
second -*iv month'— they tn*alled
£3fr2.725 in the fir** half Tim
share of losses of the ascnriafe
metal powder com nan;
increased slightly from £3!l,tiM.
in the first halF. to £46.2*4.

Overcapacity continues
at Mining Supplies

j Goal
j Petroleum
| jumps to
£877,000

Tn the first half of 1982 Goal
petroleum turned in taxable

r refit-, nf £877.000. compared with
J'-c-.ev nf £119,000 for the COnT5-
rnndtng perioil and a surplus for
the whole nf 1981 of £443.000.

Optra ling profits climbed from
£1 1 1.000 tn £ 1.18m en much
higher turnover of £2.6m com-
pared Math £733.000. and net
•merest chare®* took more at

£303.000 1 £230.00111.

Tax came to £352,000 I £87.000)
— made up of supplemenfarv
petroleum 'duty ■ of £187.0110
i£4S.nnoi and deferred petroleum
revenue lax nf £165.000 (£19.000>
— leaving net profit sof £525,000
1 £1*6.000 losses).

The directors "report that the
recent rictus issue wav accepted
in respect of 98.7 per cent oF the
7.4m shares offered. The pv-
cerd? nf the i«sup after payment
nf i«mip expenses was £5.4m. This
amoun* was partly used to repay
5n existing hank facility on a
temporary basis. The balance
•*•»« placed «n deposit.

Owners Abroad
makes £2. 65m
acquisition

Owners Abroad has entered
inTn a conditional cnnira'-l in
purchase Hie privately owned
Starvilias for around £2.65m in
cash and shares.

The acquisition is subject tn a
satisfactory accountants report on
Starvilias and shareholder
approval.

The vendors of Starvilias have
varranied pre-tax profits nf
£325.nnn Fnr Hie year ending
October 1952. For profits weed-
ing this figure. Owners Abroad
will pa* a furl her £50,000 in rash
per £10.000 profit up to a maxi-
mum payment of a further
£0no. non

Starvilias seifs villa package
holidays mainly in Spain. Portu-
gal end Greece from freehold
offices in Cambridge. The com-
pany was started in 1965 and now
own* approximately £lm property
abroad. Mr Nicholas Langley-
pope, one of the vendors and a
Ii : rector nf Owners Abroad,
htnlds non-voting shares in Star-
Yji'a«.

Upon completion of the acquisi-
tion Mr D. f. Barker the princi-
pal •shareholder of Starvilias will
be inriled to join the board nf
Owners M> road. Subject tn
rerpjpt nf the accountants report
it i- ftntir mated fhaf a crnriilar
trivine full details of the arquisi-
Hnn •••fit be despatched within

fnt|r weeks.

The order level of the minme
*uppl ies division of Mining
Supplies is reasonable, with a
slight improvement i-ompared
with the same period last .war.
Mr A. Snipe, chairman, says in
hi& annual report. However, this
is still lower than the total
manufacturing capacity available.

Over the pas? three mwi'h*
ver ystrong enquiries have
been received for the cnnipany’s
producLs. from a number of
countries, which augurs well for
the fui nre. he adds.

Auditors Conners and L; brand
have again qualified the accounts
relating to the loss making sub-
sidiary Lauremv Scott, acquired
in 1980. They point nut that over-
draft facilities to ihe company
are due to he renegotiated at the
end nf September 1982 and that
they arc unable to confirm that
the going con corn basis on which
its accounts have been drawn up
is anproprinte.

Mr Snipe says that given con-
tinued improvements Laurence
Scott could see a return In
profitability hy the year end.

Reorganisation of this sub-
sidiary is almost completed and
it has a now better equipped pro-
duel inn area. Since acquisition
the staff level has been reduced
from .1,600 m 2. ion.

As repnrted on September 10.
the group made ta\ahl“ |ns-.r-. n?
£715.000 I £2.35 m prefits 1 jq :he
year to May ] 1952. Lnj**M per
lop share were statpd ar 1 9p
m.Sp earnings j and the year's
dividend v.-a« out from 2o ne‘. r«
a nominal O.ip.

At tile year end slt3ret*nlrl=rs'
funds stood at £1!»1m tE19.l9m.
and secured loan* at £54Xm

f£9 17m) including £1 77m
(ffiiinu relating to Laurence
Scott. Fixed were valued

at £19.4Sm f£I5.21m1 a«d ne:
current asset? came t-> £S.25pi
l £ 10.83m ). The** iprtuden
510.08m t£5.39m» secured hark
loans of whieb £9.5m f ES.KSfn 1
related to Laurence Sroit

nuring the >w there wa; a
net inflow of funds nf £651. 0’K*
( f-t.4m mitflmv).

Meeting' Dopoaster. October
11. noon.

BOARD MEETINGS

7-s fclif’Winq CTii'pan,^, h.,ve eei-Aed

-j-p- 10 the S****:k

Such an usually

-r— . 1-1- ;h« Puirosn of eonsidxtmg

, OPreial mdicConi not

55 :o «h«ih»r ts»i» dividend*

,r- -Kmmu nr lin^K i"d It'S VJb-

7 - 3 sh-jw/n below aia baiad
— a,-.'.- : -i last veari t-imatiblo.
TODAY

irUhoms" Barrow Heoburn. Boatson
C?f. P »nd VI Uarl'llin.

O-' v>i Ghg Ptod-J'if'on. P'fMfd. Simon
rns^'errnj. Tarmac. V.'ll|*y. Jam**

•//•las.

p>nai?. Paloety. GnDparreds. Second

Z't r-suar-ie?

FUTURE DATES

In'orm, —

.■.ij-r-aTeo BorV Publixhsu ... ?eot 23
i;.>, ir-;»i"?ii"»i*l . ijr.i A

antj Ccomba Sfrr 2."

Fi-ify 7i'\ agm? Serf 27

C--r«-i a ftrn^mijer Czr 14

7— v M«*i Malaysia S»rt 21

= i,,a =:, r-d Crntavl'On^ry S*Dl 21

Craoerr Sant 24

Fu ; cr-a-. (R. ahd J.) Sent 24

RESULTS AND ACCOUNTS IN BRIEF

MALAYSIA RUBBER COMPANY—
f>«vil!3 tor Ihc y«ar in Mar>-li 31 1952

reoo.-teH Aaouvi 6 StMieholdeii’ tunda

£406 386 | £530.33£i . Net rurreni

assets C9I.1I6 (175.612). Incrr-^so m
"“I liquid funds £5.433 *£16.4091. At
vear end investment eurtlolio. includ-
ing Km la Kclla? hut ncliiiliM Dormnl.
had j nnrhot valua'of £2.7Rm. com-
parnd with a book cost at £313.220.
Harrisons and Crosneld (Including
Harrisons Malaysuo SwMl) is th mm
to hold 29.S per coot ot the company's
shares md Kmw Knllas Rubber
Esuies 13.7 pet cent. Chairmen says
acceptable results arc indicated for
current yunr. Matinn: 1/4 Great Tower
Strcnt. EC. Ociober 7. nnon.

PETER BLACK HOLDINGS (otoriwer
and distributor c( Icatwcir. bags.
homrwarB. Icisumwcat and
accessnonn I — Results for the year to
Annl 30 1982 repnrted on August 6.
Shareholders' funds El 5.75m |EI3.&jmO:
fined assets C7 21m (£6 19m); net

eurrs. 1 t asset: £10.51 m /£9.74mi; In- *
crease in working capital C1.54m
rnJU.OCO). Cha.rman navs that whilo
demand remains hinn. tun rr.mpany is
finding it difficult to maintain normal

profi* marges. M*epnv.

Hou-.b EC. Octct'r 3 a; 12 30 cm

SOUTHEND STADIUM — Or-i-!in
raceipis £263.516 |£27n.3C!il lc- *>'»
uetr In June TO 1952. be*«'"s I'-t—
£27.513 I £29.557 i eapendoire £221 “Pi
(£213 5411. renri *nd in»e*tm»"S
inenmn £59.97? *£43.29)1. ore-i»* pro'll
£67 766 (C67.1641

DALE ELECTRIC INTERNATIONAL —
Results inr year tc May 2 15r32 aireasy
Vnown. Fir«d assets £V 2»m M5 2m.
Net rurient a-.*e*s £7 P2m (CT'J'nl.
Shiireholden' fund* £t3.lem (C'2 5*ni|.
Chairman sees a steady e-swri el
lumnyer in current year. Growth in
profiis will be there but at a « readier
rate than sales, Medina. York. October
6. noon

JAMES AUSTIN STEEL HOLDINGS—
Results lor year tn March 31 t*JSI
reported August *5 Ijmip Freed assets
£53.333 { £355.673). Fi.-ed assets leired
to third parties E431.I72J (£55-1.474).
Nor current asset* D5> *£*..? Im).
Sharehniders' (und3 £4 ?5m ICC "Uml
Decrease in workinn camtal £!4 -TV)
(£260.000.1 Maelms. Onset. Weir Yc*k-
shire. Oember II. nosr.

Centre Video
at £228,000
in first year

Centro Video, ihe Pijnptable
hn'-ed v.-hqtc ? aie r made first-year
rre-tax profit? of £22?. 00*1, from
k nimovor nf £i Dm.

Mr Peter Graham, chairman
rod founder, says these figures
come an many video wholesalers
«*ru?clp in this “highly compe-
titive market ’• and are attribut-
able tn the company's high tsodc
turnover.

:l

FT Share
Information

The following securities have
i been added to the Share
! Information Service:—

{ .McCarthy and Stone f Section:
■ Buildings).

J Rowe Evans Investments
1 Plamatinns-Rubbers).

This advertisement complies urith the requirements of the Council of The Stock Exchange.

It does not constitute an offer of, or invitation to subscribe for or to purchase, any securities.

U.S. $100,000,000

Bank of Tokyo (Curacao) Holding NX

(Incorporated uith limited liability in the Xetkerlands Antilles)

13‘/s-/o

Cf

GUARANTEED BONDS DUE 1989

Unconditionally and irrevocably guaranteed
as to payment of principal and interest by

THE BANK OF TOKYO , LTD.

(KabuskikiKmsha Tokyo Ginko)

(Incorporated uith limited liability in Japan)

The following have agreed to subscribe or procure subscribers for the Bonds:

MORGAN STANLEY INTERNATIONAL

BANKOF TOKYO INTERNATIONAL
Limited

S. G. WARBURG & CO. LTD.

ALGEMENE BANK NEDERLAND N.Y.

CHASE MANHATTAN CAPITAL MARKETS GROUP
Chase Manhattan Limited

COUNTY BANK

Limited

DEUTSCHE BANK AKTIENGESELLSCHAFT
MORGAN GUARANTY LTD

ORION ROYAL BANK
Limited

soci£t£ g£n£rale debanqles.a.

CREDITSLTSSE FIRST BOSTON
Limited

BANKERS TRUST INTERNATIONAL
Limited

CITICORP INTERN ATIONAL BANK
Limited

CREDIT LYONNAIS

U/IYDS BANK INTERNATIONAL
Limited

NOMURA INTERNATIONAL
Limited

SOCIETY GENE RALE

UNION RANK0F SWITZERLAND (SECURITIES)

Li mited

YAMAICmmERS.mONAL(EUROPE)

Limited

The Bonds, in. denominations of U.SS 1,000 andUS .$10,000 issued at 200 percent, he ve been admitted to the Official
List by the Council of The Slock Exchange, subject only to the issue of . the temporary Bond.

Interest is payable annually in arrears on September 22, commencing on September 22, 19S3.

Particulars of the Bonds, the Issuer and the Guarantor are available in the ExtH Sic tisticai Sendees Limited and maybe
obtained during normal business hours on any uieekday ( Saturdays excepted) up to and including October 4, 1982 from
the brokers to tne issue:

September 20, 1982

Strauss, Turnbull & Co.,
Moorgate Place.
UondonEC2R6HR

EQUITIES

IwU* i = 9|«Eo 1982 I

0nC9 < Owners' ■ — i

P c«3* w ' !

:<“■ * , Hlflhl Low!

Stock

rr

F.P/ -

l-OSJa:

—

F.P. -

■ *• i

I. ii

F.P, -

1 8 !

33

F.P.' 7.9

. 78 ;

*35

F.P..10-B l 45

vr

F.P* -

• 31

—

F.p.'as/iiiios ;

—

F.P. . -

63 ;

B0

•F.P. Z4.-0

; 64 .'

'110

F.P. 17)9

182 i

379

F.P.M.O

430

'170

F.P. 27*8

ISO ■

—

F.P. —

■ 36 :

—

F.P.' -

. 24 1

ii

F.P. -

' 13 j

70 'Antofagasta HUfgs(£1 70 ;

22 'Baradin Hofdtnns So. 25 —

BIsl*BarkelayH.HJnVlOp fit]:

44 :*Bk>L»lBtas 10 p„... 62 —2
38 [^coiaman Milne lOp- 48 ' ....

27 iii-Dolmai' Group : 27

B7 . 4-EcobheNowOrd£l ioa

55 DO, Dafd 1 60

«a ,-fHadion p*t Int-Bp ; SO '+2
159 •filitt'europeTeehJEp.167 — t
368 Meroantne Hta. Haw-400 j — .

133 Multi tone Elect tlfia ■— »

80 RTT 3> North ernWar*tk MT j
20 |Rvr Plata 3t Gen-Wirtsi- BO I
10*2 4*3heraton Sacs TDp..' lOi* -— .

7.0 i M.W 8.1

0.83; u 4,044.7

ul.3 5^ \ 3.L 1 6.8

, u 1.68 2 A | 8.9 6.7

<- - bdtOJf 1^,M.3 4.7

. U4.G4.8 3.415.4
14.08 J 5.3 K4
'u2.BSf3.4j 8.1(14.9

FIXED INTEREST STOCKS^

Issue £s
price ot3

£ , EB
I <c

l

'3,

1888

Stock

High - Low

99.588

87.304

105

07.058

96.594

97.705

100

100

F.P.

F.P.

£80

£35

F.P.

£20

£35

£23

F.P.

F.P.

I _ I
' — l

h\ •

zortatum wci luty. >rap-, .....

sta.3.5% Pref.lEli... ........ 8Sp

13i2% Ln. 2010.... 207a 4-d B

% Uns. Ln. 2012-17....:... _! 24^! _’L.

95p‘ 90s Anglo Indonaaian 9h% Cnv. ConuPraf. 9 Sp, ‘.J...
BOp BSpAntofaaar— 1 1

, 30^' 21 q Australia

- ‘ 851* 24 IBOC12U& ,

- I1MV105 Credit National Br. 13>rS 1980.... ; lOSi*,-->i*

soa; 22 : 195* Elactricito da France 12 isXLn. 2008 ^19 V ~-~-
■7-r '85V 24ij|Hydra Quebec lastSLn. 20is.;....-_j 2*5, -i*

- ! 2313. 25 'MEPC 12^ Fet. Mort. Deb. 9017.... 8B»*

- 100% 99^|ftetren«*dde Bdfu See. 11U% (lMlSSU 100% — :

- !l00lfl.997al Do. Do. 111*% 1 30|BiBT)_. . ......... 100

43

RIGHTS’ 9 OFFERS

£ ^ Latest 1

U<ue . uf ' Renunc. j 1888

Stock

ft- [*•

p < S • • 1 High j Low

400 F.P. 13.9 8<loi 510 ! 488

Euroth arm Irrt- lOp.

1 500 |+S

78 F.P. — ~ • 1BO 170

Psetrol ElactrorHes-

1 188 1

1 Mil 22(9 1B*X0 pm. Lpm'Spong - - —

170 N>l — — • 26pm| 14pm . Tricon irol -

i 'iprrr —

! 14pm— S

Renunelatien data uauaDy last day for deaUog free of stroR) doty, b Bg tires
bated on proHpectus estireata. d Dividend rate paid or payable on pert of
caortal: cover based on dhddand on fuK capital g Assumed dividend and yield,
r Indicated dividend: cover rsiatas to previous dhridand. P/E redo bated on ietett
annual narrows, u Forecast dividend: cover' based on previous year's earning*.
F Dividend* end yield based oa prospectus or other official Mbmares tor 1883.
Q GroHs. 7 Figures assumed. « Rgares or report awaited. 4 Cover eflowa for
conversion of shares not now ranking for dividend or ranking only for restricted
rtividcndi. 5 Placing price, p Pence unless otherwise indicated. 1 1ssued by
tender. K Offered to holders of ordinary shares ea s “righte." ** Issued by way
nt cioigkttun. 5S Reintroduced. 84 Issued In connection with reorgenisstlan
merger or take-over. pQ Introduction, j Issued to former prelarance holders.
Iff Allertment letters (or fully-pe|d). • provfefonst or pertly-pald allotment fetters.
A V/rth warren is. . tt Dealings under special Rule. $> llnUsted Securities
Market, tt London Lilting. 7 Effective issue pries offer scrip, t Formerly
dealt In under Rule 163(2) (■). tt Unit comprising five ordinary and three
Cap. shares. S Issued free as an entitlement to ordinary holders.

Dates . when, gome of ■fee' Tno^, ■

statements "may be expected fc thg ygpftflt-ig _ttup

foliowteg table.: The dates^tow aw.tl»»

menis accept where . the forthcommff iboaro itameftted

thus 4 ) Lave been nofiffed..: Trtiri&nds. ttf. ^. 'fecl^ed

will. -not; necessarily be at ija>- oriont* _in the. -.comnin beaded
“ AnnbuntMiieixt'laat-year^'. : .* '.V. • ■ .

Date

Hn*K3,K* J .
Interim US
.Interim- 1.521
lirwinr (L6; -

Interim^LO

Final 2.0

Announce-
ment last
year'

Ad west .-....-..■SapftSv.RnstSji

•AFV Sept 23 laorirb 2-8'

"BAT indl, .. .Sept 22 Sec. Inc. 8.0
•Bank of ... - ■-

Scotland— Sapt 21 Interim- TO
•Berrett

■ - Davlpnitt— S«pt ZT , Rn #1-8^5,
'•Bamw .

-< Hepburn. .,Sapt'2Q fnterwa M
Bejem — —Oct B. Final 1.5
•Baft - -f A.) Oct 6
* Bit ton (P-) ...Sept'S
*Eov»Uu>rp» .. -.Oct 6
"Brant Cham. -.Oct 4
"British.- .

Aerospaca;.'.6ept 21
Briti*b C»V f ,

. Auction-'. Oct: 27

Britiah Homs

■ Storee— Oct 21 . Interim 1.75
■Erixton Est. —Sepr-21 'Intsrim. 1.55
Brooke Bond— Oct 27 -Fmsl 2.65S

■Cspe . Intis Oct 5 Interim IS

Cous Patona—Oct 7S fnt. 1.4 :
Combined Eng.'.'

Stores.. .Cet 7 Interim 1^19, '

■ Curry* ^..Oet 12 IntWm 0.W -

*ORG ■- ...Sept 22 Interim 3

‘Dalgety --..Sept 2D Real 11X1
' Davies & ; . ■ 1

Newrnan-.Dcr 30 Jffwrfm 3.06 .
Oebenham* ...Oct 8 , Interim 2MI
DucdJ* • -

. Steel*.,-. Oct aCL‘ Final 45

■Dunlop -. Sept 23 Interim 2

•Beans :Sept 20

.Freemens . — -Oct S
Garrard snd -

Nation if..- Oct 19 Imerim 5.O. .
GUI sad . '

Dalfus.-Oct 21 Interim -3.8 -

Gtaro —Oct 12 Final 7*

Grattan Oct 1 Interim 1.966

Guinness

Peat. -Sep til tins) 1 XSh
•Hadsn Sapt 23 Interim. 2

"Hell

Engineering. ..Sapt 23
Herrrbro Life —Oct 7
Bern's

Quean sway— Oct 7 Interim 1.33
Hawker

Slddeloy...0cr 21
Hapworth - (J.) Oct 30
Hewdea-

Stutrt— Oct 8 Interim 0-475

Interim .4
Interim 1J

•Interim 3^41 ■ •
Interim

Interim 3.7
Final' 3.0

• Dots - . -tnehtlMf

•Higgs i HHL.-GOt lir Tntkrlm 2,5

rre s*r...~Sept 29 . Interim 2JJ
•fbateck " ••

- Joh»aen,..Oet 21 - Ictariia 1 5

'Klein wort _

Benson— Sapt 21 Interims.
Lnlng £J.) .-Sept 29. Intirfm 1
•Lapprte Sept 23 'Interim 15
London Brick.V.0ct’2T fntariifi 1T734

•Lasmo . . £opi 28 . Inttriit 82-75 .

London &

Northern ...Oct 28 Intiriifi 1^
Mark* and , . •- • . . __ '

- Sp»n ear... Oct 19 Interim 1.75
•Menriaa (J.)— Sapt 23 .-Interim L45.
"Mills snd „

r - ABas-JSsht 22 Bnal.lS _
Minot ..—..Oct. 8 Interim 2JH
' Mdevlem. • „

■ (John). -Oct 15 . Interim 2^J
JKews Intnl, ...Oct 15- Bn el 3.488

•NEI .--Sept 21 • Interim-. 1.375

Peach ay

Proparty...Oct 30 Flail 3.0
‘ .Press (Wm.)-Oct 29. Interim 0.6
■"BMC .Sept 29 into rim 3.7

•Bowiitree • . _ -

Mackintosh— Sapt 23 Intgnm Z.7
RuberoW Oct 8 Interim 1-3

•Rugby Portland •• - „ _

Cantant— Oct 4 Interim 2XS
Saga Hols. —.Oct 20 Final U
•Scottish

Metro. Prop. ..Oct 8 Final 2.0
•Senior . Eng. ...Oct 12 Interim 0.75
•Simon — • -

' Engineering,, ^Seot 20 Interim 4
Simpson (&) Oct 23 Final- 2 J3
•Smith ■••• •

SU Aubyn...Oet,2D Interim *3
: Telephone

Rentals.. -Oct 21 Interim .4.0
Travis and. 1

' Arnold- Japt 15 Interim due
United , _

• Newspapers- ^apt 22 Interim 45
: UBM ..... -.--Oct 30 Interim lO
•Vickers. — „Sept 23 rnterim-
’•Wimpsy-

(George)— Sept 30 Interim OBS
Wood Hell

Trust-. .Oct 30 Finel .5.211
• Board meeting Intimated, t Right*
Issue since made, t Tax free. | Scrip
teaue since nod*. 1 -forecast.

HUMPERDINCK
COTS MAM STAKE
Engelbert HampndlncL the
singer, has sold a further 150.000
of his shares in Management
Agency and Hmrie (MAM), the
show business and leisure
group, reducing: his holding to
250.000 shares.

This is the third sale by Mr
Humperdinck, in the past three
months. In Jiuie he held .620,000
shares. .

ROWTON HOTELS
vi DISCUSSIONS
Bowtan Hotels says discussions
are. talcing ' place regarding the
hostels of Rowton House, Vanx-
bflll, Arlington. House, Camden,
Tower House, Whitechapel, and
Parkview, Birmingham. The dis-
cussions are at a “verv early and
Exploxatoiy stage and it could
be at least several months before

any conclusions Wi g ht be

reached."

ThlsannouncenTertcxsTipSsswtetharequltBniertsafthaCoiSKiofThsStadcBcchangBbljNido^

U.S. $200,000,000

Oncorporaied^ with Smttad fabfflty in the State of Delaware UHA)

12%% Notes Due Octoberl, 1992

", this issue has been rhare^sdty: -

Salomon Brothers ^Intemationa]
Merrill Lynch international & Ca

Morgan Guaranty Ltd

Banque Nation ale de Paris
County Bank

limited

Deutsche Bank

AM ten goaa iacbaf t

Banque Paribas
CrSditLyonnals

Commerzbank

Credit Suisse First Boston

LknBad

Swiss Bank CofporadonlntematJond

Union Baikof Switzerland (Securities)

LMad

*ssued at 100 parren^ have been fkltn/tted to thoOffida/lJstby thoCoc/ncS of The Sock &cchan^ subject oftfytothoss^
of the tempwary global Note

Interest will be payable annually in arrears on October t commencing Octoberl, 198a .

including October 4, 1982 from the Brokers to the issue:

S*ptereber20, J9S2

Cazenove&Co.
121okfifihous8Yani
London, EC2R7AN

U ^$50,000,009 Guaranteed Floating Rate
Notes due 1987

c. rroH & co. ltd.

<§>

Unconditionally guaranteed by
THE DAMCH1 KANGYO BANK LTD.

Id accordance with the provisions of the Reference Agency
Axr«»raent between C. Itoh & Co. Ltd. and Citibank, NA,
dated March 14, 13S0, notice is hereby given (hat the Rate of'
Interest has been fixed at 13* % *>.a. and thar the interest
payable on the relevant Interest Payment Date, March IS,
1H?3, against Coupon No. 6 wi ll be USS336.51L

September 20. 19S2. London - Amnutr/A

By: Citibank, XA. (CSSLDepL) Agent Bank %JilltfAN\K9

CREDIT FONCIER de FRANCE
US. $60,000,000 Guaranteed
Floating Rate Notes due 1990

' For the six months

T7thSeptember 1982 to 17th March 1983
the. Notes wiU cany an interest rate '
of I37i«% per annum with a coupon
amount of IT.SS337H0. The relevant interest
payment datewill be 17th Marchigs3.

- Ltelad on the Singapore Stock Exchange. .

By: Bankore Treat Company .

. . . ... -Sngapore Branch .

Reference Agent

FINANCE FOR INDUSTRY TERM DEPOSITS.

Drt»ss<tf£UXX>-£50^)00accQ^f6r£n3edteisns<rf3-10ye3rs. .
Interest pad gross, haif-yeariyiRaesicard cp ogt s r ec ei ved notlater than
1-10)82.

Terms (years) 3 4.-5 6 7 8, 8. .10

INTEREST?-; 11 11 11 Hi 11} . lit 12 ' Ef

Deposits to and figtherin&amatkmfeom The TreasureftRaance Car '■ '
Indus t ry pic, 91 W - nni oo Rd, Uxnisja 5E1 SXP (01-928 7S22^Ex. 367).

Cbctgies payable to "Bank ofEatiafldrdbl^JEiH
ia the holding companytelCFC

FFI

THE TRING HALL
USM INDEX.

128.1 (-0.1)

Close of business 17/9/82
Tel: 01-838 1591
BASE DATE 10/11/80 100

ladbroke index,

562-567 (-8) :

M. J. H. Nightingale & Co. Lhnited

27/28 Lovat Une Lpndpn-EC3R 8EB. Tefepbona 01-621 1212

ano 1 .

eapimlioctiaii Company
’ . 4 JB7 An. Brit. led. Ortl. _

• ' As*. Brit. bid. CULS _

3^34 . Aw*pfung Group — ...

J.05D . Aiming* a Hindu ...

Barden HHI --

- . CCL llpc Cenv. Praf,

■ 420s Cwdlcv Group ........

‘ ' Doboreh . Sanricoa • „m..

4 .43Q Frank Hotoell

1fl -S7 Frodafiek Farirar

960 Gaorga Blair

3.777 Ind. Precloton Caaunni

. Z9S 2 . Isis Conit Pref. ......

•. MB ■ Jackson Group

- J,mw Bwough r.-.,-..

. ' IS eofiaxt Jenkins ■ :

. 4320 'SCfUttOflS' ,r A tm

■ • : CadWa. .—

■ 345< UniFock KbUm^f - H .

W-S Waliw AlaxtraJer „.J.

• 5.73? W. S. .Yutss

Print now available

• Cfiai^ai Greta YIsM P/E Fuijy
^ W *; Actual axh

137 —

89. ' —

-«ad — 2 _

234 - i: 11^. - 4;g

6* 5.0 11.7 1«

1M ,. 7.3

f\J A8 7.8 13.5
A3 10 l2 3.5 7S

BM W

jj? _ + 3 . 15.7 iii —

IT'-! R'.va m

1OT - t - 7.9 5.7

71 -8.4' - '

52 + A — .

« ■ -.3 7-3 7* 6X wt

123 -+• 1 -lfi.7 1ZB J, .

U7.: + 2-7 A 8.4 a.8

5.1 74

i-i- 5.8 6s

9-0 3.6 63

BA 1SJS

140 —

tS ' oln ' ll'!- 10 -2 11.4
«- .“T ^ 2.1 302

32 +1 .5,7 7.0 10.B iaa

“ 1 . -iW 73 sis • 11^
- 046 2.1 iZ

6 .4 • 7 2

151

.■a..-.—

82xd - f
■ 248-. : — . ....

SflPfttitipiSt 48146.

MiS ; 5i * U. l|S

■■ r

e

L’.t

V iff

fi'i

; r ,

: .i

s V

K

hi

r :J

i

Pi

u

I *

I

I -

I ?
t ■

it

b?

m :c

k "■
!!?

il

|S

Rj

i.*;.

l 1-1 :

i._.

K-

&

Li

\i=

-'■L:

• *T

Extracts from the Statement by
the Chairman Hugh Dundas

Ori30lh June 1982 Sir John Spencer Wills retired from the
Chairmanship and torn the Board of iheB.E.T. Company.

Xhe iongyeurs ofJiis stewurdshiphave been consistently
beneficial to shareholders, who haw enjoyed a steady and
sustained record of growth in earnings andassets without a
single calT on them for cash. He will be deeply missed.

He" inspired the affection, aswlias the respect, of allof us
who worked with him. . • * *

Jr is pleasing to be able to report an increase of i0,6% in
pre-tax profit, compared with 1980/81 . in spite of the continuing
recession. Houerer, there is little cause for complacency when
it is remembered that we were still more than £3 million down
on the profit achieved in 1979/80 and that we continue to
operate under the shadow of economic difficultieswhichhaye
now spreadout to ccRer much of the world. ; ; ;;

The most important factors affectingBJE.T’s pre-tax
profitsorer the past two rears have heen,ontheone hand, the
impact of the UK recession on our construction-related
businesses and. on the other, the intensive and often painful

improve efficiency and productivity and. thus to maintain
camingsin spite of depressed demand for our goods and
services..

Lookingfirsl at the eonstruction-relafed businesses, it is
although ablaek hole had opened up and sucked away their
profits. In the year ended 31 st March 1980 they produced,
between them, pre-tax profits of £12.8miliian- fix theyear
under review they made a loss of £600,000.

I am highlighting die downturn iii tfceirfbrtunes because
diis has been so fundamental to theoverall result and also
because it does show that other sectors have done pretty well
togoso far towards filfing the gap;

Reference was made last year to our intention to increase

the so^und proportion of profit contribution from North

America- and particularly the USA. In the event, trading profit
contribution from our North American businesses increased
frimi^^miUipnro£5^m3MforL

The BET Group comprises

a number of companies engaged in
a wide variety of activities.

Those activities and the profits earned
from them are shown above,
together with the names of the principal
contributing companies.

Summary of Results

I(ear to 31st March

Profit before taxation
Taxation

Profit after taxation and minority interests
Deferred Ordinary Dividends

Earnings per25p Deferred Ordinary Share
Dividend per 25p DeferredOrdinary Share

... 1982
£

67£59,000

31.668.000

26.702.000
12,6^,000

' 17.6p

8.0p

1981

£

60.792.000

13.061.000

39.197.000

11.351.000

; 26.2p

7.572p

It is disappointing that, owingto amuch higher tax
charge this year, earnings per share hav e taken a tumble, after
several years of steady advance. These tax fluctuations are an
irritant but are to a very large ex ten t outside our control.

Outlook

Looking ahead over the medium lerm gives reasonable
cause for optimism. We have a mix of activities which v\e
understand veil, are capable of managing and developing and
which should provide good organic growth in profits. We are
prepared to be flexible, increasing or decreasing the emphasis
on individual sectors as circumstances may change.

Within the next two years cash should start flowingin
from our investment in North Sea oil exploration.

In the short term, conditions remain extremely difficult,
with many of the customers of our service companies still
in the grip of recession in the UK and with the situation further
complicated by worsened economic conditions overseas.
Nevertheless, 1 am fairly confident that our results from the
current year wfll be better than those for the year under i . lew:

If you would like a copy of the Report & Accounts
please send this coupon to:

The Company Secretary

The British Electric Traction Company PLC

Stranon House, Piccadilly, London W XX. 6AS

I

FT2flft |

2 Z

BUILDING AND CIVIL ENGINEERING

Problems facing the French industry

THE ANNOUNCEMENT last
week of a plan to restructure
Coigrret, one of France's largest
family-owned building groups,
serves as a timely reminder of
basic problems facing the
French construction industry.

The company, which has had
to battle with layoffs and falling
orders as a result of the general
malaise in the building sector,
is being rescued through capital
injections from two more
powerful groups. These are the
ID Lr construction division of

state-owned C harbourages de
France, and Spie Batignolles,
the international public works
arm of the mighty Empain-
Schneider empire.

Like many companies hit by
the slide in the French building
industry — in progressive decline
since 1974 — Coignet has made
an effort to turn to export
markets to compensate for fall-
ing demand at borne.

The competition, however, is
intense, and local markets in
developing countries are hard

THE SCOTTISH construction
industry has asked the Govern-
ment to make some of the
money that would have been
spent building the. now aban-
doned. multi-million pound
Trident missile servicing facility
at Coulport available for other
Scottish-based projects.

In a meeting with Scottish
Mr Alan Stewart members of
Office Home Affairs Minister,

to penetrate without heavy
preparatory expenditures. To
provide the capital to back up
Coignet’s - export ventures,
where .it has won important con-
tracts in Hong Kong and Singa-
port the two other groups will
be taking stakes perhaps of
40 per cent each in Coignet.
The details will be worked oat
within a few weeks.

The family group apparently
jibbed at giving up control of
the enterprise. But in the end
there seems to have been no
alternative.

Anxious not to see. a further
loss of jobs in the construction
sector, where employment has
dropped more than 25 per cent
in the past 10 years, the Govern-
ment has been playing - a dis-
creet behind-the-scenes role to
guide the restructuring.

Exports account for about 5
per cent of the building
industry’s turnover, according
to the National Building
Federation (FNB) which groups
companies in the sector. The

the Scottish Construction
■Industry Group (SCIG) also
asked that firms situated in
Scotland should have a fair
opportunity to tender for any
infrastructure work on the Faik-
lands.

The meeting between the
Minister and SCIG had been
arranged at the latter’s request
so that attention could be drawn
to the u gloomy and fearful”

proportion has grown rapidly
during the last few years—
perhaps three or four ' times ' up
on five years ago. - - ■

The share is much larger for
some of the big companies in
the French construction and
public works ■ field such as
Bouygues, where- mare than a
third of turnover is made
abroad, Societe Generale
d’Enterprises (40 per cent) or
Xhunez (over 80 per cent);

But for the industry as a
whole — where 300,000 out of the
total of 320,000 companies
employ less than 10 people-
exports obviously can play only
a negligible role in efforts to
climb out of crisis.

• The Government this autumn
is launching a public works
programme aiming to spend
FFr llbn (£900m) on new pro-
jects in France.

But the FNB remains
distinctly unimpressed. Faced
with a continuing slump in
building activity (down per
cent in the first six months of

situation facing the industry and
the prospect of the many
liquidations in sight.

After the meeting, SCIG
chairman Mr Mick Matheson,
president of the Royal
Incorporation of Architects in
Scotland, said that the construc-
tion industry in Scotland, was
suffering worse than in the rest
of the UK, with some 50.000 of
its workers on the dole — 25 per
cent of the total. Oil related
projects were coming to an end
and Scotland's share of public
sector investment was de clinin g.

the year compared with the
same period of 1981), M Jacques
Dan on, the federation’s chair-
man, has called the -programme
“ insufficient,"

The FNB believes that the
new public works projects will
not make up for cuts already
announced in general govern-
ment building programmes. The
decline in school-building is one
of the factors believed to have
hit Coignet. -

It is also concerned about the
continuing slump in house-
building; Building starts are
expected to decline to about
360,000 to 375,000 this year from
just under 400,000 in the
previous two years, 430,000 in
1979 and as many as 556,000 in
1973.

M Dason has recommended,
somewhat despairingly, that the
public works programme should
be quadrupled. Even that, he '
says, would only achieve j
“stabilisation" in the industry.

DAVID MARSH ]

The Minister had been asked
to look at VAT. This, said Mr
Matheson, was a tax on the
country’s capital asset, being
imposed on rehabilitation work,
but not on new building.

A claim by Mr Stewart that
interest rates falling should
benefit the building industry
was rejected by the delegation.
The reduction was too little, it
was argued, and in any case job
security was now a more crucial
factor in. house purchase than
interest rates.

No sign of
U.S. housing
upturn

POTENTIAL HOUSE pur-
chasers in the UJS* are feeing
similar problems to those in the
UK. In a nationwide survey
91 per cent Americans said they
now believe it takes two family
pay cheques to meet month K-
mortgage payments.

Conducted by Louis Harris
and Associates and commis-
sioned by the Federal National
Mortgage Association, the sur-
vey says that the UB. housing
market is unlikely to return to
its boom level of the 1960s and
70s.

Home owners

The survey found that 71 per
cent of Americans expect to
own rather than rent their next
home (compared with about
50 pen* cent in the UK).- While
this figure was roughly com-
parable to the 78 per cent who
said they preferred ownership
In a 1976 Harris survey, the
report says that high interest
rates and housing prices,
coupled with a sluggish
economy, mean the housing
market in the next five years
will be less robust than in
1975-80.

Only 23 per cent of the
survey sample said they were
"very likely" to move in the
next three to five years, com-
pared with 50 per cent who bad
actually moved in the past five
years.

Scotland asks for aid

Redemption Notice

Electricity Supply Commission

(South Africa) ■

10%% Guaranteed Bonds Due 1983

NOTICE IS HEREBY GIVEN - , mrsnant to the Fiscal Agency Agreement dated ts of October 15, 1975 under which the above described Bonds were issued, that Cftibahlc, J1A., as Fiscal Agent, has selected
for redemption on October 15, 19S2, $4,554,000 principal amount of said Bonds at the redemption price of 100% of the principal amount thereof, togetbec’wiih accrued interest to October 15, 1982.
The serial numbers of the Bands selected for redemption are as fallows: ■ *

"BOND NUMBERS

S29

jsr

402

411

4S1

432

458

4TB

SU

u*5

554

555
659
!WD
£6t
566
669
693
3M
S«
393
*14

6X7

619

626

«p

637

659

660
656
WT
723
729
?42
762
766
770
777
750
TM
790
£01
SSC
** 7
851

CSSS 1(U 19 11477 12137 12316 1E719 1*471 20367 MlfiS 22403 2=603 ESS* 2S1S3 2SSS5 23768 24101 24831 24308 2S1S8 25579 26M9 26216 =6430 26SE7 26957 2715* 27351 27529 27710 27*»3 2511* 28803

6550 11426 11 -ISO 12142 12H1S 12723 14475 20270 22154 22404 22603 2=888 23155 23558 23770 24102 24633 34907 25139 25560 25971 26217 26431 26629 2K959 27155 27353 27530 27712 £7rW 26119 2S30*

6559 10427 11167 12140 13919 1STT27 144T9 20377 22tS5 =2406 22605 22887 23187 235GB £3771 24103 2463* 2*908 281*1 23581 25972 26218 26433 26630 26960 27156 273154 27531 27713 £7895 29120 2^306

6571 104.-1 114** 12147 12904 10734 144 S3 20293 22186 22407 22607 22839 231*9 23560 23773' 24105 2463S 24910 25142 2SS83 26973 2*220 26U4 2*832 26961 2715* 2735* 27532 2771* £7*96 28122 2*007

6391 30495 114*9 12154 12951 1ST 16 1433J £0393 22168 22409 23608 225441 23100 235m £3770 24106 34637 24911 25144 2S5B& 25973 2*221 26436 =663* 2W63 27159 27337 27.VK £771* 27*98 2*123 =*M9

6596 1‘HSfl 11492 12157 12994 12747 1453* 20397 22190 22410 22611 22842 28193 £056* 33777 24108 24638 24912 25MS £35*7 £3976 26223 26438 MSW £696* 27160 27358 275.14 27717 27*99 2912S 28310

7405 10440 11*43 12193 15001 13732 14.740 £tt»S» 22191 £2411 22612 22*43 28194 23566 23779 24110 £4639 24913 25146 235S» 25979 ' 2*22* 264*0 2H636 26966 27162 27360 27S36 £7720 27900 25126 26412

7411 10*48 11544 122C3 13007 13737 11547 26400 22102 2241H £3613 22*45 £3165 23C67 £17*0 24 LU £1840 24916 23148 £5591 £59*1 26225 26443 268K7 26087 27164 2736 L £7337 27731 £7902 26127 2*313

74=3 1044* 11551 12272 3S04* 13702 14V.9 20401 =£19* 22U4 22616 =2847 23197 23S7D 237Ki 24113 24641 34917 25150 23392 259x3 26227 2MU =0*'*W 2W09 271(9! 27062 =75: SH 27722 37902 2*126 28315

7427 10449 1151* 32273 Itsnio 13763 14579 20404 21197 £2416 £2638 £2849 23201 33571 23784 24118 24642 24918 23151. 25344 25WO 20228 =844*5 20039 2*970 27187 27.104 275,76 27723 371KU 2*130 38216

7451 30*36 1153* 12290 1CWJL l:'68 14605 £0407 =2198 22417 22819 22*50 28303 28572 237x0 24114 24643 24919 20158, 25595 25967 26229 2*448 20040 20971 271*8 27303 27511 27724 27903 1*1=1 2*117

7323 10457 115*1 12544 11065 15772 14*09 204IW 21199 ==*1R 22620 22Wffi £3203 =3575 2.17*« 24116 24645 =4920 £515* 25097 =»tt!l 2*449 26641 3WT2 2717(1 £T.*W 27542 2-2* £75*06, 2*133 2*319

754.1 VU60 11572 12,151 15069 13773 14013 £ftUl 2220L 2=419 2262 L =2*54 2324*5 2.1576 £.1799 34117 34«6 240=6 23137 =5598 2&W9U 36=3= 3U5D 26*4= 2H07* 27171 2T3*h- £7344 £7728 £790* =8114 =*3=0

7347 1047* 11.178 12334 13070 1STTC 146=3 =0413 22=02 2=4=0 2=6=4 22836 ZOOS 2:1578 £3791 24148 24647 24MO £5139 =fl*U 2M*t £*=:fi =643= =6*43 20STH £7172 27369 £7546 =7729 £7909 £*l.Hi £83=1

7557 103=5 11577 1=535 13074 15779 14631 20415 2=04 22423 2=623 22638 232(19 21579 237*0 24110 24646 249*1 251*0 23603 £5993 2623* 26453 26644 20978 £7174- =7170 =7547 277:t0 =791" 2*1.17 2*3=3

75*4 10555 31.1*1 3=3*3 330*1 157*= 3-l(*T* =0417 £220T. =4=4 22626 =25*0 £0210 235x0 £T7M £1121 24651 £4932 25163 £D«H! 25994 =62:17 26454 26*45 26979 271FJ =7372 27548 27732 £7911 £il:« 2ft:t:l

75*6 100*1 115*2 I23n4 1305= UTM 144.19 =0419 2=2*8 224=3 22628 2=901 =3212 23583 £(797 2412= =465= 24KU 25163 23ft« £7.9917 =6=39 =645* 26*4* 269x0 273*3 27r:7:l £7551 27723 =7913 2X1-10 =*3=5

7375 3'.***= 113*8 33170 120*6 157*1 141*1 =01=2 22=10 =24=6 226.H1 £2904 25215 28584 M798 24196 24653 24933 25166 25609 33M* 2*240 =M58 =**;/ £69*3 27184 =7.174 =7553 =7734 £7914 2*14 1 2SKK

1577 10672 11191 1=571 IWi 1 17*7 14*71 =04218 =13 £24=8 £2633 22905 =1(5 23586 =3801 243PH SM55 24«W 2T.I90 =5612 260011 =11241 =04*0 2T.U* =69*3 271*5 27.176 £77.54 277.15 £7915 2*142 =*328

1*00 ]0676 11396 1=375 15097 1C792 14715 20425 £2215 22129 £WW 22S07 23218 2S587 2TW2 =43519 £4657 =4W(7 2.7192 =5613 26001 20*12 =64(12 2K4» 2K9SS 271*7 £7377 275.V, 27737 27916 26144 £8:129

16=6 106*2 l’r.27 1=378 13U0 i:r7K< 14T1M £04=7 2=216 £241(1 2=63* M909 23219 =5588 25*04 24400.24658 =4938 =519.1 25610 S1OT =6=48 204*4 aUHO 2»!9 nJ 271S8 =7.179 27557 =77:18 =7917 2*145
T6S4 l«lC 116«i 12X1 13116 LW7 147:15 =0429 2=218 22451 22637 =2912 23=0 =3591 =805 24401 246*0 24939 =5IH4 2*61* 5CTO1 2*251 2«**B =»W5L =*986 =71>1 27-**l 27558 =77.19 =7919 2-14* 2* M2

7*59 10*99 11*54 1=3* 3-11=.; 15796 14T50 £0432 22219 =2434 =3218 =291-1 23223 23392 =:l*06 24402 £4661 24941 £51!** £5*16 20005 =6253 2HPM =(S*.V2 £7191- 27-H»l! £75*0 2774* =79=0 28148 =83:3

7644 10700 11*36 1=409 n ;=7 15*01 14740 =0437 ==l 22136 =2039 =314 23=4 2359:1 2.1S08 34407 24602 2494= =5197 25*19 =flmi7 =6254 =*46* =0*54 2*9911 27193 27-Vfl =7561 =7742 =79=1 =x«9 £*.124

7651 107=U 11 AVI 12401 12172 lJlwm 14748 =04-19 22=3 224-18 =2041 =910 SC£6 £3595 23809 £4413 24IM8 =4944 25198 25*21 =*R»W 2*2V. =64*!* 1 =665* =*992 =7190 27-1*5 2HW2 27744 £79= 2*130 =xrcl*

7f 01 '1(17=6 11*04 1=4'K I.'l.l* 1.1*09 147.V. £0440 =22=5 =4=9 =041 =916 232=7 22597 £1blL =1411 24*6* 24945 25201 £56=2 26009 2*253 26470 2*653 =rt9P5 £719* 27.1**T =7561 =774* =79=4 2*151 =‘-W7

7*64 Z07S1 11672 12405 131.17 l:^lr» 14763 20443 =2=6 £2440 =645 =918 =3239 £3099 =3812 =4410 34667 =4947 25302 2W2S 26*11 312*0 2*472 2*6*0 =*>99? 27J97 272*7 27S65 27747 £79=5 £*152 £*338

7*6? 1075i 11*7.1 1=408 3-1151 1-WI4 14778 =0445 ==8 =441 2204* =919 £3=31 23600 23816 3*417 34668 34918 =5=03 256=6 2*013 =02iil 2*471 =6*02 =699* =7199 271>a 2756* 27748 =79=7 2S15.1 28310

7674 107S9 11*7? 1=411 1J1*0 11815 1477U 20449 2=29 =443 22*49 23001 2S2K= 3(601 S»1H 24418 31670 24949 25=05 250=7 £6014 26263 »MT* 2*714 27001 =7200 27.191 27567 27750 =79=8 £8154 2S14L

76S0 1074= 116M 1=414 111*1 14TMI =0493 =51 =444 =650 23004 23=35 23603 23817 24419 3467T 31950 25206 £56=9 26II1S 2*264 2A176 £6716 £700,1 =7=01 =7193 =7569 =7751 279=9 24156 2*313

7963 10746 11661 1=417 11:165 1»=1 147*1 20472 2=33= 32140 2=651 21005 23216 38604 =0819 34431 34672 34951 21=08 256.10 26017 =*=U0 26478 =0718 2700S £7203 2T.W3 £7.170 27752 279.11 28157- 2S341

S695 null U6S5 1=418 17 16* ]>= 11791 £0573 =33 =447 =633 =3007 201T7 £3606 338=1 £44=3 3W73 24953 25242 256.11 '26018 2fi=K7 2*480 =6720 27007 =7=04 27CS6 37.171 27754 2793= 381T.S 2KW5

S*26 108=0 11080 1=4=3 13171 13*27 14899 207.77 32=56 =448 2=6.14 =W3 21238 33607 238=3 =4434 34676 34953 25243 25632 26019 =*=»» 26481 2*7= 27009 =7=ljR =7.198 27572 277.15 27Vt*. 28160 £8347

105=6 UriOO 1=4=4 1.117#. 338=0 HUM £0580 ==37 22V.0 =656 33011 33=40 23609 23RJ4 £4436 24677 249KJ 25244 U-KCW 2*«r=t 26=70 2K4KJ 2*724 =701* 272-17 '27.19M 27574 277Trf5 279.11 =81*1 2*348
8*98 HV.1I 11*91 124V6 l.’.W 1-929 1490* £l«l»t 2=38 =451 =AV» 23013 2:«242 23611 23836 =4434 =4078 24P.1T, 25345 2.1AW £6(1= 26272 26484 267=0 27012 27=09 2740 L =757.7 277.17 27S>3* 2*162 2SCU9

S699 10i>-’J 11696 3=4=9 l;ilWi l:>.:= 141*111 L1CW3 22229 =45K =0*n 2«1« SISVI 23613 238=8 34436 34679 24937 35247 =5*37 2*0=4 26273 2*4*6 3T72S 27014 27210 27-Htl =7576 £7739 27988 28164 28S50

STitO 10x77 11717 1=4.13 1.119:1 l.>33 14!':r7 =0592 =4= =454 =**:( 23018 33215 3«13 318=9 244,17 246SO 34958 25=48 25639 2fi»ri1 =6=75 204*7 =07:10 £7015 =7=13 =7104 £7377 =77*0 =7V*4'1 2*161 =8351

9033 1(»W= 1 J7=* 1=154 1-HP7 l.ir-U 14KK 21.1.11 =242 22155 2=6«M 3*>=L 3T=46 2J616 23«ll 24489 346S2 £19*0 =3251 2564U 2W»27 £1276 2648S 26731 27017 27=14 2740.1 2737*i 27761 =7911 281*6

9vi 17 l*e*l* 11700 124V* 17=110 IW. 217.R* 22241 =157 22*65 23051 21247 L5M1T -=:tMa £4440 246W1 =4961 =5=53 25041 =flO=sr- W>2 =*'4KJ =*733 27H19 27215 27407 27-.10 27762 27942. 2S168 2*153

&‘5* 10910 11742 l=.oR ir.Jl'1 1TA42 1 1=9.1 217.11 =47 =11» =0*7 290=6 SC4N 5«1!> 23835 3444= 34695 2496= 25=54 23*4= 260X1 =P=X3 3*491 2*7=4 2T02L 27=16 £7408 £75X1 2776:1 £7944 .281*9 2$ 154

#I1(= 1C"=3 11743 1=5*3 mt! l.-'|-| 1 V.1‘1 £17*8 ££34A. £2400 =2669 20137 =:t5HI 33031 30SM 34413 £4*96 =4964 35357 =5*44 £60X3 26=83 =*493 =*7:W =7034 =721 H 27410 • £7740 =77*5 27943 2*170 £805*

44XC! Hf9.£ 11740 1250.*. l^SW i:>49 1'rfMl =1773 =19 =4*1 22.17U 281=40 2*01:4 =W= 23S,* =4445 34698 34965 35259 =5*45 =BOM =6=86 ’JUM 267.18 =70=5 =7=19 37111 275*1 27767 £7946 =617= 2*557

VOtn llM.ll 117.-K1 J=HM iron l:«X53 15641 217*9 323V! £=462 32071 SW1 2*174, =3634 38K» 3444* 24700 24967 332M1 =5*46 3M.V5 =0=88 =i'-49l 2*710 270=7 =7=1 £741= =75 XT, £77*8 =7V4* =*171. 2S059

91175 117V! 1=.>;« J1=0p J.*iW2 £l<m 223.11 2 = 4*4 23rt7.1 23(15.1 =3406 2M=* -35841 -24447 247110 £ 49 * 9 - 3530:4 =>74* =6O*0 £*3W»- =*4‘1 2«741 27029-27222 =74 U 275x6 27770 £7?30 2S174 =8360

9070 10910 11754 1=573 1.1=1 1 1:4X67 l.vu.l =18llx 2=312 2=406 2=674 330.15 37408 20627 2384ft 24449 247118 24970 23=6*1 =5649 =*088 =6=*i =649* =074= 2T(Wll £7221 £7415 =7588 27771 27952 38176 283*3

9*77 1i?94j 11757 1=174 1=17 l->Tfl 1.1016 21*12 223V5 2=467 2207* iWHO 23*29 23W4 24451 =4710 24971 35=68 35K.1l M6089 =6=93 2*497 2*744 270.7= 27=1 =7416 27.199 27772 2795.1 2X177 =?S63

Wl*2 1004* 117X0. 12.17.1 1.-;== ir-*73 154*6 31811 2=5* 2216* 2=078 SHTI7 =3410 23*81 28847 24453 24711 24972 35SK9 25653 26090 2*394 2*49« 0674* =70:11 27=7 37418 £7390 =7773 =7955 281TS =4364

9H*5 10533 317M 13.Y79 ir.5'4 1:1*7* 350:10 =1817 =57 2=470 =2*P9 =8089 23418 236-12 2ft85l 2443ft £4712 24974 2K=71 =5653 2«npl £6=95 £'-41»9 2*74* 2TILT* 272=8 274 Ml £7593 27774 £7936 28179 =83«

22703 =-1041 =3415 £3634 23868 £44M 2*713 24975 =3286 25657 260P3 =0=97 =6500 =6749 =7089 27=3 27421 27594 27776 £2957 58181 2S867

22704 23043 =341* 28638 23856 24458 =4715 '£1976 £1=89 23*39 2*094 2*29* £«KH 26750 27040 2TS!1 274=2 2759ft 27777 27938 28182*28368

2=707 23044 23U9 29*38 23867 £4457 34716 24979 25=91 256*0 =609* 7W299 =830= 267.11 27043 27=33 274=3 27.197 =7779 £7959 2SI S3 28369

22TOS 23046 281=0 23639 33858 24«9 24718 =4980 25=92 =5661 2WW7 2U.100 £AVU 2K7.13 27048 272KI 271=4 2759S £7781 27960 2S1&.7 =>171

£2710 23048 =34=1 28640 2SS61 24481 24719 24995 23394 256*4 2*099 =*»r= 3*305 267.15 270U 27235 =742.1 £7(100 277*3 279*1 2*1*8 2*373

13 23049 23423 23S42 23S63 24462 34721 =4996 352S5 mi 26100 =0310 =0.in7 2875* 2704* 27236 274=6 27*01 277SS 27963 28187 2*374

B30 234=4 23*44 23863 04463 24723 24997 =5=98 =5746 2*10= 2(005 2*509 2*758 £7047 27238 27428 27*02-27783 27964 =8189 £8375

f 13

930ft

10064

11TW

52599

39-3.7*

174579

1763ft

=19= L

2M.-9

£2471

Sift

9:u

317S9

1S.1S0

112T2!

I.W3

1V543

=16=5

22=03

22472

f70

911”

l'B5=

11796

12.7-.-j

ia»?

li’.f'ia

1S646

SIS3B

22WU

£247*

91S2*

i<m»

1M00

3‘2.7L*;i

1T3C.1

3-5921

1363-2

SMS*

2X5W

£2475

gftft

S1C3

10995

11SO

12*00

1326*

iait

136.10

=1960

M2M

£2*77

M2

rcftj

310(11

32 SW

twi

11-271

140=1

1--D76

=1MJ

22263

2=47 S

100ft

9242

1100ft

11S0T

32004

5~372

1405*

136M

=1967

=71

22479

30=3

SC (-4

13010

uni

12.-HO

3:5=73

34C14

33657 =1966

=273

221«1

1157

11015

11£=0

12WW

1721 C

14C»4B

130y=

21969

2=7*

£3482

IMS

S3*)

31019

11S25

IMIS

l^-'-r

14032

i;,:oo

=197fi

£2=75

£2483

1170

SMI

11027

11M5

12*449

3S2X

HOoti

lr.iai

=1977

=2277

=2*83

1371

S315

U««

11? v:

l>.-,0

13291

34i>U

17.T0X

22E7S

£2*«5

313=

s:*4

llPTl

11-27

3Ci-.ll

1 -2WB

1J(*«X

1-17 1.-.

=001

=£1

224SS

32M?

93-7

11043

liyi

IC'V.73

l.VOH

11W1

11720

==nir>

=*?S

££4*9

* -- *

50?

11014

11:4-5

12-V.K

3 VVI

14m7ii

3 17-2*

S9«l

22263

Mi'll

3244

9307

31071

11-11

IJKl'.'J

3 11X1

14T.7

M727

■mn-jq

=9.1

M4-.X1

31H1

1 in v.

31V.2

1CiV67

:.: .1*

14*i7iJ

1-7791

"■037

£2267

£2493

2A»1

Nl’!'

110.7*

1ISV.

12-.T0

U.4.1-!

14**79

1.VI.V,

SJC 11 I

=w

2=491

3=-.?

s::ft

1 1 1 -V’J

llT*-*

12I--T4

17 1-1

1 10-2

l.VMU

Mill*

2Ml*i

==426

1M

94-2

llt-57

3 ] 9'.:

I:*--::-

1 "M2

14"-J

3*5<M'I

==11*7:1

2210=

=2*98

32*4

SJr J

31071

3is:=

l=t.fll

1 -4i

1 Id—*.

1*5141

L-2I*M

£2=03

2=199

31.14

KM

31>»7"

n-'T.:

32*.- 1

J 174iV

J4*V"»

l'-L21

MOST

22296

2=500

iWO

97.31

11

3 2*'-.7

MV.l

1 l*v*l

l'-.l 1 3

22OS0

22297

£2591

13-3

W4S

ini* :

ll-!*n

;-2i:s4

rBTS

1 111" 1

16171

=2*172

22294

2=504

317.1

HIV-

i-2*— :»

J 977.1

3 inO.H

3617*

M97.9

22000

=2590

37-7S

S7TS

110 x 3

11«W

1-2430

!”.T I >

iimx*

1>.C74

S-2076

Mmi

£2508

3173

07.«S

no-.

1

1-2694

l.??-2

3 I 111”

J'-Hil

■22076

220C-S

=2.109

2. : F3

979>'«

lll*'2

llorei

3CT«?

UI1S

34H»S

l*.il6

=2(179

=2301

=2-111

3o?=

95P*

llli'!

1""’1

12707

L-I22

1411 1*»

J~721

249J6S

asjno

£=.112

2.1?3

W!

III-'X

ICTO*

J.'*— 4

mis

JH.V2S

s«*

MOOS

£=■111

U’M

?el4

3ISS5

3 2721

3o4.:n

1111 :

m.L-11

SOTV-

=nti

=2513

=037

Oil- 1

3U--“*

11*11

137=1

3 Mil*

14131

]-".'7

Mi)67

22.71=

225 W

=2.11

953.1

111-M

I1**1A

337=i!

114." 4

] 1121

1«!7

22333

sssw

=252

31 ISO

3VT.»

53!=**

5?47-

14122

16.S4-?

MU!*l

2=319

USSUL

9*0

i:i;«

1?“2::

12T.U

1:4429

1*1= 3

36-117

22095

£2320

225=2

£41*

0 * 4 .:

11 IT-

3 S>>

13 7.77

i:-47*S

1411*3

16 :v»

220-* 6

-■J-r;

•M.V2.1

psjr

U7‘t

3 IV* '»

3C7J.I

3 : 4‘v4

3 41 !>

3h..:>.*

=01*7

£=5=6

=4-0

ftW*

■ill-:-

lift Si

12T4T

13439

11196

K-412

221M

M027

=25=7

=411

avj

ID'S)

llftio

127*1

5'4*27

341IW

1M1 S

2Sl»t

eaiflft

=430

9W3

31 1^

11941

1.T53

114KT

1416;

J'ftCi

2-2UW

22W1

M5SR

=139

9947

312 ns

11-.70

327.72

1-1472

14171

1*173

M JO*

2233S

MASS

£-(Vft

9972

1320.1

Ill'll'

J2T.iT

1.747ft

14172

3*VJ»

V21M6

22734

Mo3*

Ji013

100:2

11731

3i**;-4

12714

ls*l?0

11171

Ih|-(

=107

22.VW

2JWT

COM

IPCiti

112*2

11W1

1CTK1

114*1

HIT*

16*42

=11(1

223-4S

2£5--»

ICOa

’0073

31267

n**>;

12762

lf-I“7

142-1

161*7

=112

2233ft

£2o3ft

£^2ft

10’6S

112T0

11970

12763

I’.-iOO

14162

1(!47'2

2211.1

22140

2=541

MI ft

10M9

11=73

13956

3=76*

loMl

1*190

lhlfi.1

Mill

£=M2

=£743

COM

30300

112?*

119TT

1-2771

ISSUE!

HIM

16*69

=211*5

=2043

M.1U

C031

ITCSS

ll.WO

11P61

3277=

17-V ft

11191

16471)

2=113

2=744

2=746

£0*)

1023S

Hot'S

1199=

1=737

15709

1*192

1W7*

=2119

2=340

225*7

307ft

10=42

11501

21992

1=7-0

JV.1JI

inns

I*- 179

2=1=1

1*2343

2=549

S.oift

3031S

11JI7

ic«vn

1-2761

135I4

11=02

164-0

22122

2=3(10

22.7V)

50»

lisns

l=i'«3

1=761

32..21

14203

364-7

2=124

=23.11

£2351

£33=

IV27S

11-: n

irooft

3-27M

111-27

l.|=*«

1*WV2

2212S

2241.1 SSSS3

31r.ft

1 12*21

121 * 1.1

527WI

J 11.17

14=1*

iiij'ir

221-27

22335

22550

E*15ft

103f1

112.21

U«l-«

127*-.7

IV, 44

14CIS

3*449?

2=124

22.-413

C617

li'2'ft

11.13

12*’2»*

I-27W*

3.177,1

14=1'*

367*iS

22129

221.7ft

£2558

5751

in-2

3 -021

l'j**a»

1 V.7.5

14225

1**19

221.5 1

5H -jii

2=5.79

STS*

1031 W

■jv:

32 ,r 2-?

1-2WI

1=1.77:

1I22*>

1*4-51-1

24 VUI

MK52

22561

3#02

10 -.-s

ii . .*

13" It

32-5412

3.777.1

3 !=ui

3*1.11 (

M12T

i-jr-vj

=5*1=

SK5

an.vii

u-",%

1=1*4=

12«»>

14-29.1

1*4117

2JJSW

22366

22568

30.1V*

in:i

5 2- 1*5

32-m

is-.y*

3 (2 In

3K-.-.-2

=2(42

22.H.7

22566

3SS7

10 in 7

1J.:T2

3=**!7

32-U

5 :7V Hi

1 4=41

3,4742

=142

M»5*»

22667

5«9

51 .TJ

J2"7l

12-11

V«4*4

1«"U*

1K.74-S

■-4U.7

=170

£3560

;w*

10 : Si

31.5-2

32**>;

32-39

3 hln

3 I-.I9

3*5.717.

2214-

2-2-571

2=509

SW

Jt\l*.2

317»t.

32*->2

3 2-2 1

1 I*i2l

,is:mi

161 16 221SH

■J 2 .r:.(

M.37 1

C->v>

3075.7

3 ! Jisi

l=ts;-i

lSe24

3 W24

3 1.(45

1iS*M-2

2=1.12

•22173

390*

10MS

U J'il

12-VK

l=-=»

1.^-:=

21=(K

1*47*1

2=1.14

22377

£2.77*

C917

307S?

12-vrr,

1-2WI

1 H.in

1 1952

ln7«(St

KISS

MJT-Jt

£2.176 '

cars

J9S91

sin :

l=OSt

J=*S(5

i3*=-ri

14937

1-.7SK

221.1S

5S99JI

=173

B5iJ

I057S

1111'

1=0*.' 1

ir'S.V't

17A70

l*:-62

1W9

221741

'J2pn

SSSSO

«m

10777

11421

1_1M5

IMl

1T6S1

1437-2

16616

=160

MS*M

21 r *Sl

S&49

1057^

lUTt?

3-1 WO

12-42

1C6.72

1457S

166=2

22163

£2-o=

9ft»

11444

1=W»1

12X.11

IWl

14Si7

16652

=165

22564

■£=W4

cs.li

aor-9

11372

1=105

ICX-VI

ISAiC

143*M

lGTCft

2=166

=£169

2SS85 ,

SftTS

30372

114.7-7

.121 W

1=S59

irj47rt

1*4=6

16722

2=1 KS =2190

S25»r

0579

10C-76

1135S

12111

1=S«1

13673

141=9

1*5Sb?

E33I70

f-j-ws

£2iflft

CSPZ

itlSTS

1145ft

12114

1=901

ISfcTft

1*433

1M92

22171 33SM

£=.730

74 orn.-fl =7=53 =7440 =7*13 2TT9S 2*117 =8203 29IM8

=30X1 2H54 23673 =3K*8 £1305 24751 2S056 233=7 =5774 261=8,26332 2653? 3rtX7 =7070 £7=i75 27451 270=6 =7X11. =80=7 26=13 £8393

EKSKl 234.16 23*7.1 =3901 2tV)T 24755 250=7 =53=9 25773 -_in=9 aWM 20338 207*8 £7071 £7200 £745= 276=7 =7812 260=8 2X=14 23401

=509 =71? 230*1 20457 KW77 =3903 =4514 £4757 £5i1=8 =53in £1778 20130 2*TSK =8359 2T.TP0 =71(73 £7=67 274-14 £7*28 378TJ 2M.10 28216 28402

.1* 22079 =301 2=511 2=7 4ft 2WW 234*0 23678 =390* =43=6 2478= 250U =53.11 2.1779 2613= =6337 26511 2*791 =7(171 27=fl9 27453 £7i‘-TO 27815 2MJ31 2«=17 28101

22512 =743 =30X4 21461 23679 25310 =4528.34784 £5042 a.1ft4 =57*1 =610.1 2*fe» S6542 2*79= 27073 =7=70 =747.6 27*>(L 27817 2S0S1 28=19 28403
=511 2=7.11 20089 =3463 23681 =»U £45=9 =4783 £.1043 2,1335 2.i7fiU 26U5T. 2*:441 36544 =*731 27(176 =7271 =7405 276.13 =7818 £8034 28220 =8406

lo4.:n 1111.1 16. til T208.1 — 'JO!' 2=313 £27.1= =3091 204(44 2968= =4031 £1530 =4787 =5014 £33=7 27.784 201-70 20=42 S0S1S =679.1 £7078 =7273 =7459 270.13 27500 200=5 2*121 £8408

2.10W 234C7 286*4. 2403= 245S1 2-1789 2.101* 25S3R 2588? 2*138 £«!U 2*546 2*797 =7079 £7274 =7400 27*33 £7821 2*«37 =8409

£109.1 £3468 2366* 240SS C4534 24791 £.7047 =3838 =SK)ll 2filSy 2*34.1 26548 =fi7!«8 279X0 27270 £71*L 27*16 £782= 28038 =82=4 28411

IJJSO 134 lx 141=1 10-40 £=U!‘l 2=319 ttfUl 2277* 2TOP* SHfi9 £M»7 =1034 2i53* =470= 25049 =5341 =5*91 2*140 2*047 =0-149 2*799 =7081 £T£77 =7463 U7W7 £78=3 =8039 2X2=5 C5^41=

1112-1 1*117 2J0P1 223=0 =522 =27.18 7TTI7 =1471 2368* =4033 £4517 21TK! 25060 =534= =5x93 2*142 2<iM8 2*350 =6*nn =708= 27279 274*4 '£7639 27824 280*1 28227 28414

1417= 10 j£0-«4 2!,rr. !rj.VSS =7.V> =3(198 £1472 2J*P9 2403* 21539 24793 £5031 S«r. £5*94 2«u » =6331' 2*351 £*801 270*4 =720(1 2T407 £7*40 2782T. .2SU42 1MS28 2S416

1 =011? =JC!4 =3=6 £2760 2.'il(1= =247.7 =3691 =<017 £4340 =4796 2MSJ =S:.U7 25SWI3 2*144 £«Va 2>131£ =0X0: 27HX0 £72*1. £74** =7041 =7 <0.1* =SU4;i £*=0 2841*

11* T'-ill =_'1(X1 =7 £25=7 ££7*1 =3104 =TJ7fi aWpa 24038 21S41 21801 25034 =3348 2389T =6140 26354 2*554 C*f*l4 £7087 27

IP* 1M1*. =l*»l 7?r29 2ii20 £27*3 2.1M6 =.1.177 =169.1 £4039 24342 =£37! 250S5 £.1350 25SSW =614? 2«ai3 >=67 mS 2*0(V-, £70W'27

10r J'4=1| =H« =;t31 =£312 =705 =3107 2*1478 20695 =4041 21548 21S03 25058 £-7351 2.7XW 28149 £8.157 a*Vfl 26«i7 27*90 £7

M47J 14171 1*17! =104 2=335 22A3S £--*7K* £3110 2.14*1 2ft*P* 24042 =1347 24S06 £50.19 =3338 =19011 2*1.70 26338 SAVtS 2*809 2T0:a 27£8T 2747J =7040 £783= =6049 =8=11 26422

1> VJ< =11.10 £2131 CJo31 =767 £3m =5483 7KW»7 21IU3 £4543 =1818 £5061 25334 25901 2xLVl 2KWI 26.1*0 =6X13 ::(9i 27=88 =747.1 2:**8 =7834 =X03t 2S=» 2X433

1*4 v( 2£10? 2/.VW 2J5S7 227*9 23134 2.DS4 £3099 £4014 pi 350 £48=0 250(5= =5356 £590= ' =01, VI 26SSI SfoHC £6815 2709.1 £7289 27474 £7B4P 2TS36 2S6S3 28=37 284C4

10412 ££U(I 2£!L-t« £=Mft =770 £3115 =3468 21707 =1171& 2»S31 £4821 260*4 274567 =5805 all 3.1 263*3 W<*4 26*17 £7097 £7=91 =7471 =7651 =7X07 =8056 282S0 2&42S

1*147 =£11= 115W& 22539 227T4 23U7 234*9 £7701 £40W =461= 24S3ft 25065 =5=59 =190? £*J57 26364 2656ft 28S19 2T0M 27=93 27477 £7053 27438 2SB8 2S£40 26127

£3110 £1490 £3703 24047 £4355 £4S£3 £5066 253*0 £3900 =*1A9 £0786 =6567 £*x£0 £7099 £729.1 =7478 =7054 27*38 £8050 2*141 S6428

231=1 2=491 237KS £4544? 24356 246M 2506ft =5363 23911 £0161 £6367 26568 =*S=L 27101 £?£9« 27479 =7655 =7841 28001 29=42 2S430

=£T!"> =31(7 swo 5 23719 =40*1 21569 £«« £50X0 =54£ft 25«<=6 31171 ’ErtSSI 2AVH 26 x. 1 T, =7112 =7516 2T491 270(57 £78*4 28073 =X£5*J 28441
£2791 23139 £1507 =5721 =406= 21371 24*40 =5088 £1429 2R*£7 =617* 3^S£ £03W 3»1<i 27113 27311. =7493 27668 27SS3 2S0T4 -CSSX 2S443

2=794 2(140 israiw 2T723 C-iOAl 21.17= 24*41 “fiiiUft 23431 2-192S 26177 263W 2WS7 C*0?7 £7114 27311 =741*5 270*9 2TS57 28075 28239 2S4M

=795 £314= 23.V19 =3725 240*4 24.1W 2484= 23U9L £543= 259£« =IT179 2AHV6- £6-1W £51838 2711H 27314 =749*1 27*72 276581 2S0TG 2X2*1 2X443

=796 =314-1 =311 =3726 2100? 24067 24W-1 £0094 2045.1 27.MI 2*160 268M 36.VKP 2CS8B 27117 =7110 27497 27074 27609 2607S 25262 26447

27=NJ

£74»-4»

=764?'.

S7JX*

=7 4 ift

21 Mi

=7=-«

27470

27iVtt.

27=87

2747=

2764*5

27=68

=747.':

27*48

27X9

2747*

27849

537=91

27051

27293

£7477

276.12

£739.1

£7478

£7064

£7=96

27470

£7460

27658

25167 sasos 257*8 =40KS a«W S«W 1 HUT- 2.14JB KftV» rxviio 20 IH PfiftlO £«941 2775ft = 733.1 27.115 r 7 fi 3 i 278J9 SSIOS 28282

2316ft ass* 23731 24W.1 S46U! 34«W Sill* 2.1460 2S932 P 6 £(H 26412 2«l3 2694= PTl'JS £77.16 £7516 =7696 27XXO =8104 2SM4

£9169 =3S» 23752 =4084 24618 24*94 55120 35161, MMa =K=fJ3 20114 =0*1= 26W3 27M0 2TJ38 2751$ £7697 37ML 23W8 28235

33170 23541- =3753 =4066 246 IS 24895 25121 2»4M =51154 2ti£04 =6116 £«dl4 3634$ ST141 £7333 £7319 £7698 2WC 28W £8287

2317ft 23X4= 297.13 2408? 24617 2160? =11=3 £5567 26366 WSK £643$ 2*613 EW47 S.’.US 2TS40 275M £7701 276M, £8109 28231

SS57 WSX3 11404 lillS 12903 25W3 14438 16*93 22173 22OT3 2U93 =S 2 S 23174 *53544 2375 ft "4088 24(51* 2*SS« £3124 2536* 2SQ.17 £63(17 2*419 2661S 28949 £714.1 27$43 275=1 =7703 27363 25U0 2S390

S9M 11463 121=0 12MS 13683 14443 169(12 22175 22397 22594 =c=7 *^3175 2354 ft 23759 ; 34068 2409 24899 3512ft =1570 =WS9 26£0$ £8421 2W20 269S0 2714? £7344. £7C= £7704 27888 28281

4X96 10JS8 11470 U 121 1PW4 1W93 14433 1*907 =£177 22396 22S9S =S=9 £3177 33543 3576 ! £4091 2*633 24900 25133 25571 «S«0 £6210 26428 266S1 £6951 £?148 27846 27321 £7705 27886 36113 2829ft

630B 10SS9 11471 12128 13696 14433 16917 =£178 22390 2=598 =530 3317# 3354 ft £3?6ft 24092 216=4 £4902 3513* =3375 25903 262H S6425 26*22 2*953 SHlft 27S47 27523 £77« 2788ft 281U 28294

€5=3 10390 11473 32123 1=«9 loTOft 14463 £0i>. 2217ft 22401 2359ft 22S31 2Sl£il 23531 23764 24093 SilBZT 24003 25335 25576 35963 £6=12 2*45? 36623 26934 27151 27S18 2732ft 27708 £7890 25115 £8300

fgta ltHOO 11473 32134 12912 13713 34407 £0063 22181 =402 22000 *ai*r» 2S76S S409* 24S3S 34904 25137 25577 25966 "**<^4 S062S =6956 37153 37950 &7S2S 2770ft 27531 SSCtft 28301.

On October 15, 19S2 there will become doe and

1932, all EsmbtefbUy prwided in

legal ^n.-w forthepsynientthereitt

Processing DepattmetU, 16ih Floor,

, of Citibank, NA-, in. AuBtcodam, Brcusds,

acainnt,ortyatrans6g’toadoliaraccoQntmaiaiainedbythefflyee , mth8baiikia

j\CW icta. a • • •

On anti after October 15, 19S2, lie date fixed for icocmption, interest on said Bonds trill cease toaccruc. Gwpons- mitering on or prior to October 15.T5S2 should be detached from said Bonds and
presented for payment in the usual manner.

Setitemfcer 13, 19S2

For ELECTRICITY SUPPLY COMMISSION
CITIBANK, N-A-
: os Fiscal Agent

Financial Times Monday September .'20 1982

Far East ofishore
platform venture

TWO OF Japan’s largest con-
struction companies in the field
of maritime civil engineering
have signed a technical services
agreement with an Anglo-Dutch
consortium under which- the
latter will assist the Japanese
with the technology to build
offshore oil concrete gravity
production platforms in
Japanese and Chinese waters.

The Japanese companies are
Oh b ay ash i Guma and Toyo
Construction, .both of Tokyo,
and their target is the develop-
ment, design, engineering and
construction of concrete plat-
forms in Japanese and Chinese
waters, where the exploration
and production of gas and oil
is now being actively pursued.

The consortium is An doc—
Angio-Dutch Offshore Concrete
— which between 1974 and 1977
built the Dunlin A platform for
the North Sea. Andoc is a joint
venture in which equal shares
are held by Tarmac Construe*
tion and Balfour Beatty Con-
struction of the UK, and Royal
Bos Kails Westminster,
Hollandsche Baton Group and
Royal Volker Stevin of the
Netherlands.

Mr George Cummings,
Amice's UK general manager

and a director of Tarmac Con-
struction's energy group, said
las* week: “The Japanese
approached us because of the
expertise we gained is building
the D htcH n a platform— tech-
nology which is unique to the
very few organisations which
have built concrete platforms
for the North Sea.”

Mr Cummings said that the
concrete structure had four
main advantages: first, that it
had within it an oil reservoir,
meaning less wailing tinte for
ships; second, that k was
“ extremely stable,” standing by
gravity on the sea bed; third,
that concrete was less suscept-
ible to corrosion; and. finally,
■that the concrete structure was
able to go out to site with a
topside load of equipment of
30,000 tons, whereas a steel
structure had to be equipped
in situ.

He added that Andoc's return
under the agreement would
depend to a large extent on the
work secured by the Japanese,
but also that Andoc would avoid
“a lot of the problems” it
would encounter if it entered
the Far East market for con-
crete gravity structures on its
■own behalf.

SotihnTI •Reading

UK CONTRACTS

£10m orders for Smiley

BERNARD SUNLEY AND SONS
has secured four UK contracts
worth £10m. Overlooking the
Thames at Battersea Bridge
road construction has started on
a mirrored glass building for
Smiley Holdings. The £4}m pro-
ject will provide 41,000. sq ft of
offices and 16 fiats and comple-
tion is -due in March 19S4.

At New Hibernia Wharf,
London Bridge, where Sunley is
constructing a £7m, 110,000 sq ft
office blocfc, the company has
been awarded fitting-out contract
by the tenants, Grindlays Bank,
worth , over £2m.

Sunley’s tender of just under
£3m has been accepted by Eagle
Star "Properties to refurbish a
five-storey office block at 48/51
Friar Street. Reading. Work is
planned for completion in
September 1984.

Work has started on a 25.000
sq ft warehouse and offices

extension in Hem el Hempstead
for International Book Distribu-
tors and is -due for completion
in February.

SNAPE has won a £600.000
contract to build an energy-
saving factory for JEL at Bram-
hall, Stockport. The design of
the 23,000 sq ft factory believed
to be unlike any other in
Europe,, calls for maximum use
of free energy. A passive solar
system will be used for heating
and full use will be made of
natural light. The project has
been conceived and designed by
JEL Energy Conservation Ser-
vices. The control system will
provide full auditing and
monitoring of energy use. The
scheme has support and financial
backing from both the Depart-
ment .of Industry and the
Department of Energy.

OVERSEAS CONTRACTS

BSC supplies
Colombian
railway track

BRITISH STEEL CORPORA-
TION has been awarded a con-
tract worth $13m (£7. 6m) to
supply railway track for the con-
struction of the El Cerrejon coal
project in north east Columbia.
The work will -go to BSC track
product's Workington plant in
West Cumbria and the rails will
be supplied between October and
March 1983. -

Main contractor for the coal
project .is the San .Francisco-
based construction company
Morrison Knudsen and the owner
is the. Columbian company.
Carbides de ‘ Columbia
(CARBO CAL) and International
Colombi an R esources Corpora-*
tion (INTERCOR). a wholly*
owned subsidiary of the Exxon
Corporation. The order was
placed with the assistance of
Esso Petroleum Company.

Finance is being mobilised' by
Lloyds Bank International with
an Exports Credit Guarantee
Department-backed SlOOm
(£58. 6m) line of credit speci-
fically for UK purchases for this
project.

Object of the project Js
to mine and export 15m tons
of bituminous coal annually
starting in 1986. It includes a
track and shovel type surface
mine and Infrastructure con-
struction including a 150 km
railway for transporting coal and

mine supplies, a marine terminal
for coal storage and ship load-
ing. and accommodation at the
mine and port. Construction of
support facilities to include air-
ports. a rebuilding and
maintenance centre and a com-
munications network will be
undertaken.

An £8-5m site preparation con-
tract for Tuen Mun new town in
Hong Kong's New Territo ries ha s
been awarded; to TOBISHTOA
CORP. The contract involves
preparation, with associated
drainage work, of about 48.6
hectares' of land in the north
west and also in the e stern part
of the new town. The site to
the north-west will eventually
provide public housing for
about 60,000 people, while land
to the* eastern part- of the new
town will be used as "a village •
resite area.”

Big Spanish
hydro-electric
project starts

H1DR0LA, Spain's second big.
gest private utility. Is to go
ahead . with a Pta Tlbo
(£365.7m) hydro-electric pm.
ject, the country's biggest ever,
It will be sited on the river
Jucar. some 50km froQ
Valencia and will have an
eventual capacity of 750 ATV.

The -project has been under
study for some time and is part
of the 10-year national energy
plan approved in 1979 as part
of increasing Spain’s potential
hydro-generating capacity.

Financing this big investment
has resulted in lengthy negofr
-ations between the Compaq
and the Government.
ment has been formalised on a
deal whereby the state*
controlled Banco de Credits
Industrial provides 40 per cent
of the project's cost in the form
of a soft loan.

Two power stations will be
built on the river, one below the
other, with completion en-
visaged by 1988.

WHAT’S NEW
IN BUILDING

Excavator from
Priestman

A new excavating machine
has been launched by Priest*
man Brothers, a member of
the Acrow Group. Made ht
Hull (Humberside) the VC
15 is the first of a range of
machines which have variable
counter-balances, claimed to
be a new design cencrpt. The
excavator has been developed
to meet the needs of operators
Involved with watercourse
construction and mainten-
ance. It provides increased
working reach (15 metres),
50 per cent more lifting
capacity at maximum reach,
at 15 per cent reduction b
weight (for greater mobility
on soft ground) and better
fuel economy. The VC 15 wfil
cost in the region of £60, OM.
More from Acrow on 01-263
3465.

Scratch resistant

SUN CELL has introduced an
insolation film, Sunshield SR,
Which is scratch resistant la
addition to having solar heat
control and cost and energy
conservation. Recommended
for glass doors, glass-walled
corridors and shop display
windows, the film is available
Don-reflective, tinted or clear.
More from Windsor 69661.

Miller Buckley

Puttingit together. Worldwide.

Miller Buckley

mmm Putting it together.Together. ^E2

Contact: Michael Benallack, Marketing Director 0L-S28 &2G3
Head Office: MillbucK House, Corporation Street. Rnebj CV2T 2D IV.

Ttie individual Mrnpaniesttiat^ate up.the Waliis Group wo* togethspio complete

building contracts on the target date, anduften ahead ofjtf
Effective cost control and quality control are assured

A Wallis Design and Build package can save you time as welfas' trioney.

GEVIfefis&Sonslid

2-6 Homesdale Road.
Bromley, Kent BR2 9TN
TELEPHONE: 01 -464 3377
TELEX: 896681

24

Financial Times Monday September 20 1982

BASE LENDING RATES

'A.B.N. Bank .vlO-JJ Grindtays Eank ......... $10£%

Allied Irish Bank 10’% ^ Guinness SJalion 10*%

a p„rit inin^ HHambros BsziK ■■■»•«•»»

^ mro ?!?:.? Hargrave Sets, Ltd. ...al0i%

Henry Ansbacher 10;% Heritable & Gen. Trust 104%

Arbuthnot Latham ...101% SBHiil Samuel -§101%

Associates Cap. Corp.... 11 % c. Hnare & Co rl0A%

Banco de Bilbao 101% Hongkong & Shanghai 104 %

BCC1 10;% Kingsnorlh Trust Ltd. 12 %

Bank Hapoalim Bit ... 10!% -Knows ley & Co. Ltd. ... 11 %

Bank of Ireland 10!% Llovds Bank alOl%

Bank Leumi (UK) pic 10!% Malimhall Limited ... 10J%

Bank of Cyprus 1ft; 9o Edward Manson & Co. 12 %

Bank Street Sec. Ltd.... 12 % Midland Bank fllO|$

Bank of N.S.W 10!% M Samuel Montagu 101

Banque Beige Ltd. ... 101% X Morgan Grenfell alO$

Banque du Rhone 11 % National Westminster 10*%

Barclays Bank 10; % Norwich General Trust 104%

Beneficial Trust Ltd. .11!% p. s. Refson & Co 101%

Bremar Holdings Lid. 11 -% Rosburgbe Guarantee 11 %

BriL Bank of Mid. Easl 10i% Slavenburg's Bank 10S%

■ Brown Shipley 11 % Standard Chartered

Canada Perm't Trust ... 11 % Trade Dev. Bank 104%

Castle Court Trust Ltd. 11 % Trustee Savings Bank alO}%

Cavendish G’ty T'st Ltd. 12 % TCB 10i%

Cayzer Ltd 101% United Bank of Kuwait 101%

Cedar Holdings 11 % Volkskas Inti. Ltd 104%

■ Charterhouse Japbet... 10>% Whlteaway Laidlaw ... 11 %

Choulartons 10} % Williams &Glvn s 1Q4%

Citibank Savings £11 % Wintrust Secs. Ltd. ... 11 %

Clydesdale Bank 10;% Yorkshire Bank al0J%

C. E. Coates 114% ■Members of iha Accepting Houses

Comm. Bfc. of N. East 101% Committee.

Consolidated Credils... 10 ?.% * deposit# i month

Co-operative Bank ...*10! % gS%. £ 8 ' 000 / 12 -months

Corinthian Secs Idj% t 7-day deposits on sums of: undEr

The Cyprus Popular Bk. 10;% Eio,oaa 7Vi. no.ooo up to cso.ooo

Duncan Lawrie 101% 8 %. £ 50.0oa' and over 8 VS.

ET Trust - 10i% * Call deposits El .000 and over 7Vfc.

Exeter Trust Ltd.”!!"” 11?'% |L ttnllSlS. T'> n, “ 84% '

First NaL Fin. Corp.... 13!°; ? K™S. SS “S"

First Nat. Secs. Ltd. ... 13 % a Effective from c /050 ol business

Robert Fraser 11 •% 31 August 1382.

IRELAND
U.S. $100,000,000

Floating Rate Notes Due 1989

In accordance with the provisions of the Notes,
notice is hereby given that the rate of interest for
the six months 20th September, 1982 to 21st
March, 1983, has been fixed at 13 5 yta per cent,
per annum and that the coupon amount payable
on Coupon No. 2 will be U.S. $6,730-21 . .

The Sumitomo Bank, limited.

Reference Agent

INSURANCE

Underwriting agency
system to change

BY JOHN MOORE, CITY CORRESPONDENT

BIG changes in the underwriting
agency system at Lloyd's are
planned, the insurance market
having given to Parliament last
year an undertaking that .it
would review its agency struc-
ture.

An indication Df the scope of
the changes contemplated was
given last week in a consultative
paper prepared by the Lloyd's
working party which is review-
ing the agency system.

This interim report concluded
that, when Lloyd's brokers come
to sell their shareholding links
with underwriting agencies
which manage insurance syndi-
cates (as all Lloyd's brokers are
required by Parliament to do
over the nest five years) their
shares should be sold to Lloyd's
members and to 'directors and
executives of the agency com-
panies. Anyone who is not a
Lloyd's member should not be
able to buy an agency's shares.

There are plans to curb
brokers’ influence in members'
agencies — the groups which
recruit Lloyd's members for the
insurance syndicates. Parlia-
ment allowed brokers to retain
their members' agencies. The
working party has concluded
that a Lloyd's broker should not
have the majority, of the votes
in a genera] meeting of the
members' agent, nor have a
majority representation on the
board.

Indeed, says the ' working
party, both managing and mem-
bers' agencies should have
two thirds of their boards of
directors drawn from the mem-
bership of Lloyd’s. That
majority of proposed directors,
says the working party, should
exclude anyone who is associated
with a Lloyd’s broker or who
is a director of a broker.

The wider . membership of
Lloyd's wants to see more radi-
cal and fundamental changes
than those so far proposed by
the working party.. Submissions
are pouring in from all sections
of the market.

The members .are mainly
concerned about the myriad
conflicts of interest throughout
the Lloyd's structure-. What the
members of Lloyd's aTe seeking
is an eradication of those con-
flicts and the acceptance of a
level of professionalism which
would ensure that their inter-

ests are safeguarded..

The working party ,5Q Jar has
argued that control of the
agencies which manage insur-
ance syndicates should remain
within the market.

Yet the issue of conflicting
interests arises again. Some
members of the agency, wtapse
shares are offered for sale,
might choose to buy shares in
the newly-independent company.

Other members might elect not
to participate in the offer for
sale. Two categories of under-
writing member would be
created: those with shares in
the agency and those without.

If an agent were to decide to
double fees and profit commis-
sions on underwriting revenues
for the benefit of shareholders,
those underwriting members
. who were not shareholders
would not benefit, while those
with dual status would.

Conflicts of interest arise In
other ways. Brokers will con-
tinue to own members' agencies.
They will be able to exert a
powerful influence over the
capacity which is supplied to
underwriting syndicates at
Lloyd’s. Reviewers of Lloyd’s
self-regulation in the past have
accepted the need for the
ownership of the members’
agencies for one main reason.

The brokers who produce
' business have access to a range
of potential members of Uoyd’s.
But the brokers draw those
members mainly from the
boards or companies whose
corporate accounts they are
insuring in the Lloyd's market.

In this way, brokers hope to
cement their relationship with
a big client and its insurance
business by offering those in
charge of the client's policy a
membership art Lloyd's, al-
though other conflicts of
interest might arise thereby.

The working party has recog-
nised that the brokers’ influ-
ence should be curbed in mem-
bers’ agency affairs. But this.
probaUy.does not go far enough.
In the present and the proposed
structures, any broker may say
to an underwriter to whom he
or she introduces members that,
unless the underwriter co-
operates, he will withdraw
members from the syndicates
and place them with other
syndicates?

APPOINTMENTS

New chairman at Redman Heenan

Mr Hugh Lang has been
appointed chairman of REDMAN
HEENAN’ INTERNATIONAL fol-
lowing the death of air Angus
Murray. Mr Lang, who will
continue as chairman of P-E
International, the management
consulting group, has been a non-
executive -director of. RHI since
March. 1981. Chairman of the
Manufacturing Advisory Service
steering committee and chairman
of the Design Council's engineer-
ing products awards panel. Mr
Lang is also a member of the
CBT industrial policy committee.
Previously he spent five years as
chairman of one of the National
Economic Development Office's
industrial strategy sector work-
ing parties.

. -Jr

Mr R. A. G. Dutzkley has been
appo inted technical director at
THE DE LA RUE COMPANY.
He remains an associate director
and is appointed non-executive
chairman of its Crossfieid elec-
tronics division. Mr'J. D. Salmon
has been appointed managing
director of Crosfield Electronics

in succession to Mr Dunklcy. He
is a former technical director
of Crosfield Electronics and for
the past three years has been
managing director of De La Rue
systems division, where he is
now succeeded by Mr P. G.
Underhill, director of marketing.

★

Mr Robin Gill has been
appointed chairman of SYSTEMS
PROGRAMMING HOLDINGS and
Mr David Thomson has joined
the board from the British
Technology Group as joint
managing director with Mr Peter

Adams.

★

PEAT. MARWICK, MITCHELL
AND COMPANY will make the
following partners on October 1:
Mr D. P. Bateman, Mr P. Chad-
wick, Mr P. J. Hardaker and Mr
J. J. Haynes in London: Hr M. S.
BrlgnaJl in the management con-
sultancy firm in London; Hr B. C.
Taylor in Birmingham; Mr p. A.
Lambert on in Bradford, Mr B- G.
Mitchell in Cardiff (transferring
from Frankfurt); Mr A. D. Finn
and Mr A. B. Woolf in Man-

chester; Mr G. R. Adams In New-
castle upon Tyne; Mr R. J.
Stan lake in St Austell; Mr R. M.
Arfelc in Slake-on-Trenl and Mr
D. J. Trembalh In Truro. Mr
TV. B. S. Walker of London will
he retiring on September 30 and
will be succeeded as deputy
senior partner of the UK firm by
M. G. W. Duakerley.

*

DEWE ROGERSON has
appointed Mr Roger Haves to the
hoard as director corporate PR.
He has been a director of Burson-
Marstelier for the past six years.
★

Mr Barry Sharp has been
appointed general manager of
SASCO, the Twinlocfc Group’s
visual planning and charting aids
subsidiary.

*

Mr D. C. Wcmyss has been
appointed managing dire ctor of
GREENDALE ELECTRONICS,
Derbyshire-based subsidiary of
the Crystalate Group.

• Mr Alan Haig, who was with
the financial management group

Mr J. D. Salmon, matugfag
director, Crosfield Electro nic

of Chase Manhattan Limited fa
London, has transferred to tbs
CHASE MANHATTAN capital
markets Group in New York.

TODAY

COMPANY MEETINGS —

Fall-view Estates. Winchester House. 1 0O
Old Bread Street. EC 70-30
Pitman. 6 Southampton- Place. WC 12.00
Regional Properties, Mar Fair Hotel.
■ BctMef, Street. W. 12.00
Sormah Vatic Tea. Hibernia Chamber.

London Bridge. SC 11.30
V'broolant. QuMn’s Hotel. Leeds. 1-00
BOARD MEETINGS—

F*n»»K

Daloctr

GrlnperTOds
Second CITY Preps
Interims:

Barow Keoborn
Beacson Clark
Fteons

Madeltan iP. and WJ 1

Oil and Gn Production.-

Pitta rd

Simon Eng

Tarmac

Wlljav

Wilkes (James)

DIVIDEND A INTEREST PAYMENTS —
Cameron U-W .1 Debs 2ta. Sta, JHJk: .
Gillelt Brothers Discount 7s
GroDO Industrial Alfa SA Fits Rate Notes
19BB W25.94
Halliburton 40c .

Lone Star Inds Inc 47.Sc

M & G American A General Income 0.7p

MAG Magnum Income 6-5n

Morland Secs 2o

New Court Natural Resources To

Plastic CnnstraelKjrs 041360

RFD Group 2o . .

Ransom IWmi So

Ransom es Sims A Jefferies SbixK 1.92 Sue
TOMORROW

COMPANY MEETINGS —

Group investors. 2 St Mary Axe. EC

72.30

P.H. Industrials. Dor land House. 14)16
Regent Street. Sw. 12.00
Wolvcrfiamnton Steam Laundry- Ravens-
bolt Hold. Summerbrid Road. Cbaoel
Ash. Wolverhampton. 3.00
BOARD MEETINGS—

Finals:

Barren Devs

Minerals and Resources Cpn
Moran Tea
Trail anf Park Ests
Interim
Alva Inv Tst
Bankers* Inv Tst
Bk Scotland
Bodvcote Intnl
British Aerospace
Brlxton Ext

Klein wort Benson Lonsdale
Nthn Eng Inds
Pritchard Sendees
Rowton Hotels
Tronoh Mines Malaysia
U.5. Deo Con ■

Wo (Men holme Rink

DIVIDEND A INTEREST PAYMENTS—
Pfizer Inc 46c

WEEK’S FINANCIAL DIARY

The following is a record of* the principal business and
financial engagements during the week. The board meetings are
mainly for the purpose of considering dividends and official
indications are not always available whether dividends concerned
are interims or finals The sub-divisions shown below are based
m ainly on last year’s timetable.

Uraullo Inti Gtd Fits Roto Notes 19B6
7*OK

WEDNESDAY SEPTEMBER 22
COMPANY MEETINGS —

Allen <W. G-) (Tipton). Station Hotel.

Dudley- West Midlands. 12.30
Allied Callolda. Cieckhexton Road. Low
Moor. Bradford. 12 JO
Amy II Foods. Savoy Hotel. Strand. WC.
12.00

British Building A Engln Appliances. Uni-
versity Arms Hotel. Cambridge. 12.00
'Fobs) inti. Hyde House. The Hyde. NW.
11.00

Routiedoe & Kegan- Paul. Partridge
House. Henley-on-Thames. 12.45 . ..

Tv no Plywood. Kingswav Team Valiev.
Gateshead. 10-30

Western Board Mills. Post House. Pent-
wm Raid. Pentwvn. Cardiff. 12.00
BOARD MEETINGS—

Flub;

Armstrong Equipment
Bluebird Confectionery
Mills and Allen Intnl
Interims:

BAT Inds
Biddle -
DRG

Huntldgh

Madcay (Hugh)

Sparrow (G. W.l

Spear and Jackson
Stewart Wrlghtson

DIVIDEND*** INTEREST PAYMENTS —
Exchequer Stk 13i.-pc l992 Efcpc. Do.
12’;pc 1990 6 Lac. Do. IZBCCnv IMS
6 DC. Do- 9U0C 1982 4**nt
Slam Commercial t Cayman) Gtd Rig Rata
Notes 1984 S78.90
Victoria Carpet Hldns 0.1 So

THURSDAY SEPTEMBER 23
COMPANY MEETINGS— * . ,

British Land, May Fair Hotel. Berko lev
Street. W.. 12.00

Heinz iH. J.). Hayes Park. Hayes. Middx.
9.00

MFI Furniture. Wembley Conference
Centra. Wembley. Middx- 12.00
Midland Trust. Moor Green. Moseley.
Birmingham. 3-30

Phoenix Timber. Phoenix House, New
Road. Rainham. Essex. 12.00
Scottish. English S> European Todies.
Caledonian Hotel. Edinburgh. 12.30

Sheafbank Property Trust Grpmnm*
House Hotel. Charter Square, Sheffield.
1 24)0

Singlo Group. Empbe House. 123 Ken-
nimrton Road. S.E.. 12.30
Stanch 111 HMgs- Churchill Hotel. Port-
man Square. W- 11.30 ,, „

Tomkins iF. H.J. The Post House. Great
Barr. 12.00
BOARD MEETINGS —

Finals:

Dowding and Mills
Maynards . .

Mutklow (A. and J.)

interims:

APV

Clarke Nlckolls and Coombe

Gcn > °lnveatara and Trustees
Hadcn

Hall Eng ,

Harrison Cowley

1 j Twirtw- l irtt

Mcmec (Memory and Elec Components)
Men lies (John) _

Morrison iWm) Supermarkets
Owen Owen
Perry (Harold)

Rmmhn Mackintosh
Tootai

Drv k |DEND * INTEREST PAYMENTS—
Adams & Gibbon 1-25p , =

Chemical Now York N.V. Gtd. Fits. Rate

Notes 1994 1526.46

Essex Water 3,S*a IFmly. 5*ol Con*.

Do. 7 !5i% ifmly. 5%> New 1.75PC
Evans & Owen 2 JSp _ ___ _
Scandinavian Finance B.V. SMg. Fits. Rate
Notes 19B0 S3 3-87 •

Scotland Intnl. Finance B.V. Gtd. Fltg.

Rate Notes 1992 1392.92
Serck Deb- . _

Western Board Mills 4.5p_ .

York Waterworks Cons. Prt- W-2"» MIX.

Do" ’^t-dpe ^Fmly 7pe Max) 2.d|pc-
Do .3-5 pc tFmlv Sec Max) «V7 S J¥“
Do. 4.2% (fmly. Red. Prt. 1983-84

' 21 ^FRIDAY SEPTEMBER 24
COMPANY MEETINGS —

Dyson (J. & J.). Cutlers 1 Hall. Sheffield.
12-00

Ingram (Harold}, 21, Newman Street,
W- 11.30

Lpqgron Ind Hldgs. Pafora BwWiog. v-
torn Road. Stoke-on-Trent 3.00
Norton and Wright. Queen’s How. Lm
12.00 -
Property Security In*. Trust. • *rv-a-i
Halt. St Swithm’s Lane. EC- 12/ll *

Sommerville rwmO. Dal more MM*, situ-,
Bridge. 2.30

Webb (Joseph). Station Hotel, Dudley, w
Mid lands, 12.00 .

BOARD MEETINGS —

Finals.

Lowland Drapery
Pullman iR. aim J.)

Interims:

Southampton low SE Royal Mall any

DIVIDEND A INTEREST PAYMENTS—
Automotive Product* oap
B anco De La Nacitm Argantlna Ptg. (u.
Notes 1986 S7B.90 •

Bath 3 Portland Grono 2.So
Black 4 Decker Manufacturing IBai.
C.S.C. Inv. Trust 3.25o
Chapman Inds. Deb. 4Upe

ConMw?U^ l |l^nou l Oversea: Finance Can.
N.V. Gtd. FR«. A*** Se». Note* im
S41B.47

Cooson tF.) l-5p
De Brett CAndrfl 13a
Dew (Gcorgo 2.3 p . ,

International Inv. Tst. Of Jersey In
National Bank of Canada Fltg. Rate Mi
1938 S392.92
Petrolane Inc. 1 2. Sets
Sanwa Intnl. Finance FHg. Rats Ngp
19SS S7SZ.64 ^ _

Securicor Group OriJ. 4 A Ord. 04-
Do. 6l;"T, Pig. Prt. 7.7B8pc
Security Services Ord. A A Ord. O.ftZp
Sldlaw Group Ln. 3 J *nc
Thames NaHonwide Transport Sets
Whattingt to

Wolverhampton Steam laundry lp
SATURDAY SSPTEMSICR 33
DIVIDEND A INTEREST PAYMENTS—
Associated British Foods Lne. 2V. Hoc
11987-2002)

Barker A Dow chi Ln. 6 pc
C aledonian Associated Cinemas *05%
Prf. 2.62SPC

Cavenham Lns. 5ia. Sloe
Central!! ncu>r Estates Ln. 3 Vpc
Hanson Trust Ln. 4>M)e
-Lonrho Debs. 4i^ 6»ie 6 7 irpc
M. A G. Commodity A General Incaex
12B

Ren old Debs. 3H. 4oe

Russell a Gravesend Brewery 6% Pit

2,1 X SUNDAY SEPTEMBER »
DIVIDEND A INTEREST PAYMENTS—
Agricultural MortMfle Corp. 14V.74 Dak.
19BA 7'iuc

East Surrey Water 70% Rttf. PrTs TW

Dorati Red. Prf. 1982 4pc .

Exchequer Stk. IZi.% 1999 Biinc
Treasury Stk. 13'i'n 2004-08 6VPC
Do. 12uC 1984 6PG

CONTRACTS AND TENDERS

needs an offshore
seismic survey.

The Government of the Philippines has applied for a loan from the World Bank
(WB) for a Petroleum Exploration. Project, the proceeds of which will be applied
to eligible payments under the contract for which this advertisement is issued.
Payment by the WB will be made only at the request of the Bureau of Energy
Development (BED) and after approval by the World Bank in accordance with
the terms and conditions of. the Loan Agreement, and will be subject, in ali
respects, to the terms and conditions of the Agreement. Except as the Bank
may specifically otherwise agree, no party other than the BED will derive any
rights from the Loan Agreement or have any claim to loan proceeds.

The BED of the Ministry of Energy is pleased td announce a World Bank-
supported offshore seismic survey program for approximately 8000 line-
kilometers in various parts of the Philippines. The survey is expected to begin
about January 1 , 1 983 and will require the following: ■

1. Fully equipped recording vessel

2. DFS V Recorder or equivalent

3. Seismic Quality Control Display Units

4. Energy-Source: Airgun

5. Doppler Navigation System

6. Magnetometer

7. Gravity Meter

8. Fathometer (capable of recording up to 2000 fathoms)

All interested companies with a minimum experience .of 30,000 kilometers
over the last three (3) years are invited.

This invitation is open to all contractors and suppliers from World Bank
member countries, Switzerland and Taiwan.

Full particulars relative to pre-qualification requirements may be obtained
upon request from the BED.

Bid documents will be available to interested bidders starting August 15,
1982 from the:

Office of the Director

Bureau^ of Energy Development (BED) *■

PNPC Complex, Merritt Road

Fort Bonifacio, Metro Manila .. m

P.O. Box 1031 MCC

Makati, Metro Manila, Philippines Telex No: 22666 EDC PH

AH bids should be submitted on or before October 1 , T982 at 2:00 p.m; at the of-
fice of the Director at which time and place bids will be opened.

ARAB REPUBLIC OF EGYPT

MINISTRY OF RECONSTRUCTION
AND STATE FOR HOUSING
AND UNO RECLAMATION

THE ORGANIZATION FOR THE EXECUTION
OF THE GREATER CAIRO
WASTEWATER PROJECT

(at junction of Galaa Street and Orabi Street , Cairo , 8th Floor )
PUBLIC TENDER NO. 1 FOR 7982/83
FOR THE SUPPLY AND ERECTION OF MECHANICAL AND
ELECTRICAL PLANT
AMER1A PUMPING STATIONS

The Organisation for the Execution of the Greater Cairo Waste-
water Project (CWO) invites British specialist plant manu-
facturing companies to tender for the works of Contract No. 2
which will include the supply, erection, testing, commissioning
and maintenance of the mechanical and electrical plant together
with operator training for Ameria Pumping Stations. The plant
will include 8 (eight) centrifugal sewage pumps, each rated ar
3,000 litres/sec, 4 (four) archimedean screw pump* each rated
at 2.170 licres/sec, 4 (four) generator s«i rated at 5J MVA and
all ancillary mechanical and electrical equipment.

The Contract will be priced in Egyptian pounds and sterling.
Sterling will be provided under a loan supported by the British
Government. Interested companies or their commercial agents
who are enrolled in the Egyptian Commercial Agency Register
can apply for the tender documents by 4th October 1982 to the
Chairman of CWO at the above address or from Taylor Binnie
& Partners, Floor 2, Greycoat House. 10 Greycoat Place, London
SW1P 1SB against payment of £125.00 (sterling) or £E200 either
by cashier's cheque or bank cheque payable to the Central
Organisation for Reconstruction.

Tenders will be opened publicly at 12.00 noon, Monday, 3rd
January 1983 at the Chairman's Office. Tenders should be
accompanied by a tender bond in the sum of S% of the .tender
price in addition to documents as required by the Commercial
Agency.

Tenders received after due date or not accompanied with the
tender bond will not be taken into consideration.

INVITATION TO TENDER . .

. REPUBLIC OF THE GAMBIA
MINISTRY OF AGRICULTURE
JAHALY’S PACHARR SMALLHOLDER RICE PROJECT

The Government of the Republic of The Gamble has racotved loans and grants
ftoni among others foe. African DevetonnwfK Fund IADF). Bio International Fun 8
tar Agricultural. Development UFADi. the Government of the Netherlands
channeled through (Creditanstalt to.- Wledemuttuu (K(Wt and the Government of
the Netherlands tar the implementation of the Jahah»paclurr Smallholder Rico
Protect.

Tenders are lnvtted from qualified Mauulacturers or Agents or Man d Facta rers tor
too design, inannftcturing. transport, assembling, ddlvaring and commissioning of
the. fallowing Mie&lnery and Equipment;

Item 1 Agricultural crawler tractors 75-83 KW ...

2A Agricultural wheel tractors. 4 wheel-drive. 52-85 kw „ s

2 B Agricultural wheel tractors. 2 wheel-drtva. 52-85 KW _ 8

3 Motor. grader, 50-60 KW . ,

-4 Hydraulic 'excavator, 55-65 KW i

5 Machinery thresher 2

G Off-sat disc harrow. 40-24- 3

7 A ChtaH plough. 1 . 8 - 2 -2 m width 2

7B Disc harrow. 2.6-3 m width 1

SA Weed cutter knlla. roller. 3 seasons of 1.5 m 5

SB Bice cage Wheels ->r Item 2A ._ 12

9 Land and leveller, a-10 m 3

Ida Trailer,' 4-5 no. 2 axles “ 1

108 Trailer. 4-5 ton. 1 axle ” ,

11 A Fuel, bowser g

1 1B Water bowser 1

12 Rotary slasher ”” -i

13 Mowing -buckor for item 4 s

14 Smooth road roller _ f

15 Low had trailer.- IS tens . ■»

16 Pedal ’ thresher - 120

17 Mobil* workshop container ZZ 1

18 Set of Workshop equipment and tools „ Lot

Full drains are given h> ta^ Tcqdar Docy manta which can be obtained from the
co Haul t in d engineers between 26 Seutomber and 6 November 1982 tar the
equivalent amount of 500 Paiasu (legal tends- of the Gambia) In any readily
convertible currency.

The consulting engineers arts
EUROCQNSULT B.v.

P.O. BOX 441, 6800 AK ARNHEM. THE NETHERLANDS
TE1. 085-SI 3181, EXT, 211. TELEX 450W EU»S WL
REF, GAMBIA No. SJ7.0IZ. W .

Tender documenta will be sent ta Inwasted tenderers after receipt or above-
mentioned amount as a bxnv tranaier of bankers theau*.

Tenders are Invited tar one or more ol the above-mentioned Items.

Tenders tar part of foe Items are not Invited.

The no} v«y of the Machinery and muipment win be done In two phases for the
•terns 1, 2, 6. 8, 9, 16 and In one Phase far Items 3. 4. 5. 7. lO. 11 , 12. S3.
14 - IS, )7. IB. For tboseeoiid fbara delivery partial price Increase* will be
considered, other contracts will be brad Brice.

Tenders should .he 8*llw"d to the Seuretary or the Malor Tender Board of the
Ministry of Finance and Trade in Bantu! (the Gambia) not later than noon
on 2 December .-198%.* -

The Tender Board t-rerarrec- foe now to secr et «r refect any temier In part ta-
in full end docs not bind Itself co the lowest or any tender.

ARAB REPUBLIC OF EGYPT

MINISTRY OF RECONSTRUCTION
AND STATE FOR HOUSING
AND LAND RECLAMATION

THE ORGANIZATION FOR THE EXECUTION
OF THE GREATER CAIRO
WASTEWATER PROJECT

(at junction of Galaa Street and Orabi Street, Cairo, Bth Floor)

PREQUALIFICATION FOR CIVIL ENGINEERING CONTRACTS
FOR THE EXECUTION OF THE GREATER CAIRO
WASTEWATER PROJECT

The Organisation for the Execution of the Greater Cairo Waste-
water Project (CWO) invites British and Egyptian civil engineer-
ing construction companies to prequaliiy for tendering for
contracts for the construction of extensions to the Cairo
Sewerage System. Contractors may prequalify as joint-ventures
or individually but British companies not in joint-venture with
an Egyptian contractor muse have a commercial representative
enrolled in the Egyptian Commercial Agency Register.

The Project will include the execution of the civil contracts
mentioned below:

— Main Pumping Stations at Ameria
— First Stage of the Main and Branch Tunnels from
Ameria to Souk el Samak

— Second Stage of the Main Tunnel from Souk el Samak
to Abdeen

— Gravity Culverts

The contracts will be priced in Egyptian pounds and sterling.
Sterling will mainly be provided from grants and loans from the
United. Kingdom.

Prequalification documents will be available from Wednesday.
22nd September 198 2, obtainable from:

The CWO Office
8 th Floor, Galaa Street
(at junction of Galaa Street & Orabi Street)

Cairo. ARE
or

Taylor Binnie & Partners
Floor 2, Greycoat House, 10 Greycoat Place
London SWIP 1SB» United Kingdom
Requests for prequalification documents shall be accompanied
by a cashier's cheque or bank cheque payable to the Central
Organisation for Reconstruction In the sum of £]0.00 or £EI5.00.
The last date- for submission of the prequalification documents
shall be noort on Wednesday. 27th October - 1982, to ; the
Chairman of CWO at the CWO Office.

CONTRACTS & TENDER:

ADVERTISING
Appears every Monday

The rate is £27.50
per single column
centimetre

■‘.7 ’lime? Monday beptempef zy wtsz

Coapufes mi Markets

INTERNATIONAL CAPITAL MARKETS

\X&

CREDITS

INTERN AfidNAL BONDS

FRENCH BONDS

kelv to remain

i‘bi

J'KANCK ^, 1 ma naged _ to' district psy higher margins wbeii -tliey
the Enrocredit market's., attend return to the market .
'tioD.from-prestiiig^ - Good news from Buenos

.Meriwatid-Arg^iitinaL last week ' Aires, which agreed aMcfeWK
. with its -sudden 'launch, of -i cal ; dropping . of financial-

Qd!Kvi /a 1ftmkttv *1 ■ ■ ' 1

54bn, ia-year csre«t<

Sanctions with Britain,' . was

13 ns is, .the first- borrowing dampened at tbe end of the
by the Erenofi - Ctovwwoent ’^ eek there was. stfll no
itself since o(974 «nd despite ^gn of Argentina moving, to
some initial hesitation -in the W-.UX banks money witheld
market at looked .by Friday as once^ tfmctitms were imposed
though emaig h lead managers m April.
prepared to underwrite $100m British bankers beUeyeit will
apiece woadd easily be found to take some t±tneLto . establish
cover the foil amount - Argentina’s real Intentions'
The terms are slightly more «P6cWEy as the political siiua-
generous than those paid by 0021 there remains clouded, and
f*em* boriw^prSsiy!

The loan bears'* margin o£

per cent over London interbank cowob ^ s . * yi ? )rr fbreign debt.^

' offered rate , (labor)., a. .} per \ News .that; Mexico is discuss-
cent commitment fee, aaid a ingr=a $ 22 bn credit from Saudi
ZERanagement' fee of 0.2 per cent. "■ Arabia Was also greeted with
Prospects lead ' mahagera. ;reS *£® ' banking com-
have to submit their. repSes to “ *** * “f**
the loan co^wlioators-Societe ^S ee ^ b ff k l” be Ji e Y e

Generale, Artb’ Banking Cor- **«* ^ ?*?. Pe ** t0

poration. and Bank of Tokyo—. as ? 1 ^ ail ^ fro ® the Into- 1
■ by early CWs weefc-De^itesonie ^ t0
initial' retaetairce it 'appears «stena- toe present moratorium
that several US. bante^S on repajmenis^of principal to
come forward, and at least one, ■ comDlercia l banks -
Citicorp, (already has. . - The -problems of Mexico and

Japanese -banks are expected. Argentina are clearly having an
to provide one-third Of the impact <m other borrowers. \New-
credit and French, banks an* lending to Brazil has an but
other third. Interest elsewhere dried up in recent weeks and a
was growing . on Friday to -the $100m credit being arranged for
point where -some banks said Eletrobras by Libra has met
they expect e<T thed r total under- very limited interest in syndica-
writmg commitment could be tion:

. reduced by oversubscription at Similarly slow progress is
the lead, management level. reported on a $150m credit
The general view in the being .arranged by Bankers
market was ' that this’ would Trust for the Ivory Coast and on
remain a “ big-ticket deal." It the $500m credit for Venezuela's
will be syndicated in the. market electric, utilities Edelca and
bat the smallest participants Cadafe. . ■
may have to put up an amount Italy’s regional development
of some $10m which would pore- fund, -Isveimer is meanwhile
dude substantial sales of the- -raising $2 50m through a five to
loan. eight-year credit priced at: a

Part of the loan's success is split margin of H per cent over
a reflection of ,the political UJ5. prime rate. Bankers Trust
leverage that France, can exert , is ; agent for the deal, which
on large banks. Many bankers bears slightly higher margins
felt at the outset that the terms than those paid previously by
were rather tight, even though Italian borrowers.

France has dropped all aspira- The terms ware negotiated
tions to being, able to raise some time ago and are not
money at a mere | per cent over .necessarily indicative of any.
labor. true trend for Italian margins.

This could in .turn have a bankers, believe. Other lead
ripple effect through the whole managers are First Chicago,
market forcing other borrowers Banco di Napoli, Bank of Tokyo,
in Europe and the Far East to Continental Illinois, European
drop similar aspirations, some American and Wells Fargo.

bankers believe. French state n * .

entities will certainly have , to - • TCiCE JViOIltSgllOn

Healthy appetite for fixed-rate paper Heavy state spending

ABE dollar mm f . n M^n m '• J . ■ ■— ”g by the break-up of Germany's f)|£lTlS fflBI E FGVlVSl

about to fall agasn? Judging. W f BOO* ” - 1 * 0 "" — : ~ ‘ ' " ■ — I coalition government at the end 1MVA ** AV AT

ABE DOLLAR interest rates
about to fall again? Judging W
their behaviour last week. When
they put another 4500m of fixed-
rate paper on offer, new issue
managers an. the Eurodollar bond -
market certainly think- so. Th6, ;
new paper was’ issued mostly
«t ytods well below tirosepre* •
mailing in the secondary market

' Added to the 1900m brought
to -the market the week before; '
this produced a considerable
overhang of new paper.

Yet there were few real signs i
of indigestion, and on Friday
new issuing continued with a
$100m, seven-year, 12$ per cent '
bond for Seagram, the Canadian
drinks group. .Led by Salomon
Brothers, Morgan Grenfell and' .’
Wood Gundy, this was priced at
99} per cent to give a yield of - <
12.863. .1

No one prefends that all the •;

D-MARK

New Issue Volume

soo—

400—

300—

200 —

100 —

count when one considers that
the bonds of other triple- A
rated borrowers such as the

new issues are seIBhg fast, but World Bank were yielding
with overnight borrowing rates muni 13.5 per cent' in the
from the bond dealing houses

at around 1 1* per cent, they secwidary market - .
could still if necessary be car-. In part, last week’s crop of
ried at a pro fit- a nd placed as- new issues wax helped by the
and when opportunities' arise. fact that most c am* from well-
For the time being short-term known North American cor-
interest rates are fairly steady, p orations which appeal - to.
—six month Eurodollars edged - investors on the continent.

5? INI iSinSS- * ^ exception was' the. $75m,

M 12H. . If they do fall again, jgj cent issue for

issue managers who brayed the Forsm^. the Swedish nuclear

market last week'stand.toxeap
handsome profits.

power company. This bond
needed a hi^i . coupon despite

The lowest -yielding new issue its Kingdom of Sweden, guaran-

of last week, the 4100m 12±
per cent bond for Gulf (Ml
offered at a yield of 12.39,' was

tee because the borrower’s
involvement -In the nuclear
sector leaves' it tainted in the

quoted by lead -manager Morgan minds of many investors.

The- secondary market- saw
^ rom ^ issue pnee of ^some thing of a shortage of
ay * - ■ paper last week as Investors

This' is a relatively small dis* sought to buy into the higher

3 S«5ember 1 Octoby ”19821

yields prevailing there com-
pared with the primary market.

Nonetheless prices moved
ahead rirther slowly, with gains
over the week of around i per
cent On Friday the tone was
firm, but the secondary market
still has some way to go to
catch up with the primary
market, and tills could be a
sign that investors are less
bullish on interest rates than
the new issue managers.

Elsewhere, Exxon plans to
auction $135m of, five-year 11
per cent notes on September 28.
Very limited trading was
already taking place in these
notes at the end of last week
through Ross and Partners who
were quoting the paper at 95f

The D-Mark foreign' bond
market is. expecting a high
volume of new issues this week
as tiie new DM 1.7bn calendar
gets under way.

The market was little affected

by the break-up of Germany’s
coalition government at the end
of the week. Prices on Friday
rose by around i point bringing
their gains on the week to
around i.

. The tone of the market was
•helped by the announcement on
Thursday of a new issue in the
domestic market.for the Bundes-
post, the federal post office, j
which is raising DM 800m |
through . an Si per cent bond j
issue priced at 99 per cent.

The coupon is i-.per cent lower
than on previous state sector
borrowings, a- development
which helped prices of foreign
issues as well as domestic
ones.

Today should see the launch
of a DU 125m issue for
Beech am, the UK pharmaceuti-
cals and consumer products
company, ' through Commerz-
bank. Four other issues during
the week will bring the total
volume to DM 550m. an excep-
tionally -■ high total for this
market.

Swiss franc foreign issues
held fairly steady during the
week amid hopes of a continu-
ing decline in interest rates.
The EEC is expected to make its
debut in this market shortly
with a SwFr 100m bond led by
Soditic.

In the Samurai bond market
the Mortgage Bank of Denmark
is raising Y20bn through a ten
yetu: issue yielding 8.832 per
cent and led by. Nomura
Securities.

PJVL

WHILE THE TIDES of inter-
national capital ebb and flow
around tire franc, France is
gradually taking some long over-
due steps to strengthen its
domestic financial markets.

The Government is pushing
through measures aimed at ex-
panding the size and scope of
the Paris bond market — a crucia l

pre-condition for the smooth
financing of the heavy spending
programmes being launched by
the expanded public sector.

Following the placing of tbe
latest FFr lObn state loan last
week, total new issues on the
French bond market so far this
year have now passed the
FFr lOObn mark, almost as much
as the overall FFr 107bn worth
of issues in the whole of last
year.

The Government’s aim was
that the market should absorb
FFr 120-130bn of issues during
the whole of 1982, but the target
now appears likely to be ex-
ceeded. Next year, the volume is
planned to rise to FFr 160bn.

Rising financing demands, not
only from the public sector but
also from French private indus-
try — which, in contrast to the
UK or West Germany, regularly
uses the bond market — might be
expected to put upward pressure
on interest rates.

But, with Government steps
to boost the flow of savings into
bonds, bankers are confident
that the market could eventually
absorb as much as FFr 180bn a
year.

The current dynamism of the

Paris bond market is underlined
by turnover figures on the
secondary ■ market. Credit
Lyonnais says total turnover in
August readied a daily average
of FFr 467m, more than double
the FFr 209m of August 1981.
For the second year running,
the primary market also stayed
open during August.

This revival appears to mirror
the more relaxed attitude of the
French financial markets
towards the Socialist
government.

As part of a general drive to
channel more savings into long-
term investments, the Finance
Ministry has:

• Increased tax incentives for
bond investors, by raising the
tax threshold and keeping the
basic levy at 25 per cent;

• Announced a new series of
“ renewable bonds " of five to
eight years’ maturity to be
issued regularly as a less
dramatic way of financing than
the big state bond issues. They
may entice investors from
shorter-term Treasury bonds
and other traditional savings
instruments prized for (heir
anonymity, from next year these
will be taxed more heavily.

Other reasons for bond mar-
ket's renewed popularity are
tbe maintenance of cxriiange
controls and the fall in popu-
larity of gold and property.

The Ministry, which regulates
the flow of issuers on the
primary market, is toying with
the idea of itself issuing floating-
rate bonds.

David Marsh

Borrower*

Amount

m.

Maturity

Av.iifti

years

Coupon

%

Price

U5. DOLLARS

Kumagai Gllmi Cd.$1

30

1997

15

** .

!00

Prudential ln*4

150

1987

5

12}

100

Sparfaankernas Bk-tt

60

1990

* 8

5}*

100 .

Wait Disneyf

75

.1989

7

11}

>00

Gulf Oilt

100

1987

5 •

Hi

99}

Forsmarks

75

1992

■ 7.6

13}

*

Marine Midhndtt

100

1994

12

5}4»

100

Seagram}

100

1989

7

12}

99*

D-MARKS

New Zealand?
Johannesburgt

African Devt Bank

ISO

50

100

T989

1986

1989

7

- 4

7

*i’

10

10

100}

100

*

CURRENT INTERNATIONAL BOND ISSUES

Lead m anag er Offer yield A

Daiwa Europe, Sumitomo
Riu, Nomura IntL 63000

Hambros Bk, CSFR,

Salomon Bros^ Badie
Halsey ' 12.750

Merrill Lynch,

Sparhankemas —

Morgan Stanley, Paribas 12500
Morgan Stanley 12590

CSFB •

Lehman Bros. Kuhn Loeb —
Salomon Bros* Morgan
Grenfell, Wood
Gundy 11861

Commerzbank 8102

BHF-Bank - 10.000

DG Bank *

Borrowers

SWISS FRANCS
Eseom***

U*hio**§i
Kawaskl Steel
EIB{

Mitsubishi Motor***
IADB**t

‘K* Une**S

NOR. KRONERS
-Gaz de France]:

GUILDERS

EEC}

Amount

Maturity

Av. life Coupon
years %

Lead manager

Offer yield

%

100 1987

13 99}

150 1994 12 ,10* 1001

African Devt Bank 100 1989 7 . 10 * DG Bank * Mortgage Bk. Denmark! TObn 1992

• Not yet priced, t Final terms. ** Placement, f Floating rata note, o Minimum. § Convertible. Note: Yields are calculated on A1BD basis.

8.6 99.7

Sparebanken Oslo
Akershus, Credit
Lyonnais, Al-Mal 13.143

Nomura Secs.

■■vtr*?*. f'.vL

- * -m;?-

AS these Bonds havhg been sd& this ennouesmen t appears as a matter of record orfy.

New Issue

August 1982

-fj} 1

■SIP

j*'

li?*"

r* • '

ni

TNT Overseas Finance N.V.

(Incorporated craiertha laws of the NetheriandsAntffles)

Swiss Francs 100 000 000

6 7 / b % Bonds of 1982 due1987/92

wJ9i the guarantee of

Thomas Nationwide Transport Limited

(Incorporated under the tews of the Australian CapHalTerritoiy)

Du Pont Overseas Capital

«

U.S. $200,000,000

i4*l$o Guaranteed Notes Due 1989
and

Jfbrrants to Purchase

U.S. $200,000,000 fflftlo Guaranteed Notes Due 1989

The IPjsPjo Notes and ffllflo Notes will be unconditwrwJly
guaranteed as to payment by

E.L du Pont de Nemours and Company

Morgan Guaranty Ltd

SODITICSJL

BANKHEUSSER &CIEAG
THE ROYAL BANK OF CANADA (SUISSE)

BANQUE INDOSUEZ, Succursales da Suisse

SOCIETEGENERALHALSACIENNEDEBANQUE

— Group* Sociito Generate—

Credit Suisse First Boston Limited

Algemene Bane Nederland N.V.

Credit Lyonnais

Kle inwort, Benson Limited

Salomon Brothers International

Socr&nS G£n£rale de Banque SLA- S

Union Bane of Switzerland (Securities) Limited

Morgan Stanley International

Banque Bruxelles Lambert S.A.
Deutsche Bank Aktiengesellschaft
Nomura International Limited
J. Henry Schroder Wagg & Co. Limited
Swiss Bank Corporation International Limited
d Wood Gundy Limited

BankSchoop Refrf & Co. AG Banque Scandinaveen Suisse Chase Manhattan Bank (Smsse)

CiBcoipimamath^ Nippon Kangyo Kakumarix (Switzerland) &A-

Awun In terna tional L rar nsp 1 Bank Mees & Hope N.V. Bank of Helsinki Ltd.

Bank of Tokyo International Limited Banque Generale du Luxembourg SA.

Banque Gutzwilcer, TCrma, Bungener (Overseas) Limited Banque Nationals de Paris

Banque Popdlaire Suisse SA Luxembourg Banque Worms Baring Brothers & Co. Limited

Bayerische Landesbank GibqzentrAle Bear, Stearns & Co. Chase Manhattan Capital Markets Group

Chase Manhattan Limited

Chemical Bank International Group CIBC Looted Commerzbank Aktiengesellschaft

COMPAGNIE DE BANQUE ETdInVESTISSEMENTS, CBI CONTINENTAL ILLINOIS LIMITED COUNTY BaNK LIMITED
Cat&nrr I m in CT it Tgi. gi» nv. TnmnB: Datwa Europe Limited EUROMOBILLABE

Fuji International Finance Limited Gefina SjA E. F.Hutton International Inc.

Japan Xntek>iaxionalBankLdxited Kidder, I^abody Intornational Limited Lazard Fr£hes et Cie
LTCB International Limited Migran.!. Lynch In ternatto nal fc Co. Mitsubishi Bank (Europe) &A.

Samuel Montagu & Co. Limited . Morgan Guaranty Pacific Limited

The Nikko Securities Co^ (Europe) Ltd. Nippon Kangyo Kakumaru (Europe) Limited

rTnmmEt miflgB T.imyiq» jii^r flipnw^TBtTJ* NORDIC BaNKPLC- CsXERREICHISCHE LaNDERBANH.

PiEBsmr, TTgT.ngm r: fe Pnatan w N.V. SCHRODER, MuNCHMBYERHeNGST & Co.

SKANftTWA VTmrs 'Bumm-.-ns ‘Ra -MungN’ SEpaBEBANKEN OSLO AKERSHUS

Veheins- und Westbank Aktiengesellschaft J. Vontobel & Co, S.G. Warburg & Co. IiTD.

Thes* ttcantxstmaot registered nadertkt Securities Actof 1933 emdnviyjwt be offavd or soldin, or
Auxust25, 1582 tanatinmli orrt3idaBUi£tkaVidtrtStalm.Tldsaanoamxnt*atopp0Brsasama£terofreairdonly i ,

Bank of Helsinki Ltd.

fisoica Uidonetfl CredSto
Bank Audi (Schweiz) AG
BankfQr Knadlt und Ausserihandel AG
Bank Leumi Le-terael (Schweiz)

Bank of Tokyo (Schweiz} AG
Bankers Trust AG * - .

Banquette Commerce et de Placements SJt
Banque de p^)6ts etde GesBon
Bahquedu RMneetde laTambeSA.
Cwnpagniede Banque etdlnvestissements, CBI

-Dresdner Bank Intennttoiial^ -SuccursaledeZiaich
Dal-ldii Kangyo Bank (Schweiz) AG
First Chicago SJV.

Grindlays Bank SJL
Hettinger &Cle
Wanwort, Benson (Geneva) SLA.

PhibrobankAG
Volksbank WlUisau AG
&G. Warburg Bank AG

AMsortothaBonnoweR
Salomon Brothers Inc,

August25, 1582

26

- Coffipaoias and Markets

I3VTERNATIONAL CAPITAL

Financial Times Monday September -20 19©

MARKETS AND COMPANIES

U.S. BONDS

Fed’s intervention
allays fears of

La Centrale blames loss
on connection with Rizzoli

policy switch

WITH ALL the economic
fundamentals still arguing for
lower U.S. interest rates, senti-
ment in the New York credit
markets remains positive.

For a while last week, the
Federal Reserve unnerved the
market by intervening with an
unexpected round of matched
sales designed to drain funds
from the banking system and
push interest rates up. But oh
Thursday and Friday, the
central bank allayed any fears
that it was tightening credit by
intervening again in the mar-
ket. this time by supplying
funds to the banking system.

The pessimists hare for some
time been expecting the Fed to
give the market a signal that,
while adopting a more tolerant
monetary posture, it would still
keep money tight. In recent

UiS. INTEREST RATES (%)

Weak in Week to

I

Snot 17

Sapt 10

Fad Funds wkly. av. 10.53

10 55

3-monrh Treas. lulls .

.. 8.00

833

- 3-month cd

.. 11.00

10 70

* 30-yaar Traaa. bonds

. 12 13

12.23

AAA utility

.. 13.80

13 88

. AA industrial

.. 13.63

13.63 "

Source: Salomon 6ros. (eatimaiatl.
In the week to Seotsmber S M-1 roaa
S4.3bn to 3*61 .4 bn.

weeks the money supply has
been growing above the official
target range of 51 per cent, and
some hears have suggested the
Fed would have to act lo check
this growth. The Fed has also
said it will tolerate some money
supply bulges, yet its tolerance
level is still anybody's guess.

For this reason, the Fed's
mixed signals this week sent
the market into a bit of a tizz
before its subsequent interven-
tion. together with some pretty
gloom; economic data, soothed
any fears of a possible switch in
Fed policy.

The latest economic statistics
continue to reinforce the
market’s anticipation of still
lower interest rates. Retail sales,
which dropped by nearly l per
cent in August, were surpris-
ingly weak. Industrial produc-
tion declined * per cent in

August, for the 11th decline iij
the past 13 months. Factory
capacity utilisation last month
was dawn to 69.4 per cent — the
lowest level in seven years.
Housing starts were down a
hefty 16.2 per cent, while pre-
liminary figures for the third
quarter are expected to show at
the best a tiny increase in real
gross national product.

As long as the economy-
remains weak, it seems unlikely
the Fed will be moved to
tighten up. whatever the money,
supply numbers show.

In these circumstances,* the
market expects The Treasury's
auctions this week, involving as
much as $li.75bn in notes and
bonds, to sail through smoothly.
The package includes the return
of a long bond, with the sale
on Thursday of S2.75bn of new
20-year bonds. These are the
first long-term bonds to be sold
by the Treasury since last
February. The other auctions
include S5bn of new four-year
notes to be sold tomorrow and
$4bn of new seven-year notes to
be sold on Wednesday. At the
same time, the Treasury will be
selling Sll.2bn three-month and
six-month bills at its regular
weekly bill auction today.

The Treasury financing, how-
ever. could put pressure on
interest rates. Indeed, in his
weekly credit market comments
on Friday. Mr Philip Braver-
man of Chase Manhattan said
interest rates should edge
higher in response to heavy
treasury financing, above-target
Ml growth, and the approach
of quarter end short-term bor-
rowing pressures. He added,
however, that “ longer-term rate
prospects remain favourable for
the Government bond market.”

The corporate market also
continues to be bombarded with
new issues in the wake of fall-
ing interest rates. Last week,
new issue volume reached
$595m for six straight debt
issues including a good old-
fashioned S200m offering by
R. J. Reynolds Industries, the
diversified tobacco company, of
30-year debentures at a yield of
13.33 per cenL The issue was
about 90 per cent sold on the
first day.

Paul Betts

■ BY RUPERT CORNWELL IN ROME

LA CENTRALE, holding com-
pany for the Italian interests of
the now ruined Banco
Ambrosiano of Sig. Roberto
Calvi. yesterday reported a loss
of L25.8bn (f 18.3ml for the
financial year to last June 3Q.
The deficit is mainly the result
of La Centrale's unhappy
involvement with the Rizzoli
publishing group, of which it
owns 40 per cent.

At the same time. Nuovo
Banco Ambrosiano. successor to
the failed bank and dominant
stockholder in La Centrale, used
the latter’s weekend share-
holders’ meeting to break with
the past and instal an almost
completely new board.

OF the previous 12 directors,
only two remain, including Sig.
Rocco Quattrone. the chairman,
who moved in at the instigation
of the Bank of Italy last month.
The new 15-man board is over-
whelmingly made up of repre-
sentatives of the seven banks
which jointly own Nuovo Banco
Ambrosiano.

The shareholders’ meeting,
which lasted five hours, was on

occasions heated, but was less
stormy than might have been
expected, given the controversy
over the fashion; in which La
Centrale . and - the important
assets under its control were
handed over to the new bank.

Sig Quattrone reported that
La Centrale’s total indebtedness
through the year had risen lo
L321hn (S229m) by June 30
1982, and to L334bn last week,
compared with; only L166bn at
the end of -the T980&1 financial
year. .

‘ The deterioration was caused
by "borrowings of LllObn to
finance La- Centrale’s subscrip-
tion to the recent, capital
increases of. Rizzoli and other
subsidiariesrapd by further debt
servicing charges totalling
L40bn. - . •*

The three companies held
shares in the old Ambrosiano
with a portfolio value of -L54bn
(S3Srn). These are now effec-
tively worthless. Meanwhile the
two banks have credits at risk,
for totals of X70bn and L52bn
respectively.

Downturn at
Commercial
Bank of

Korea

By Ann Charters in Seoul

. The funds were lent to banks
outside the- old Ambrosiano
group, the chairman, said, which
were refusing to repay them on
the grounds that they were still
owed money by . Banco
Ambrosiano’s Luxembourg Hold-
ing, which is now in default on
all its debts.

The chairman also gave
details' of the rq>ercu5sions erf
the Ambrosiano collapse on La
Centrale and its major offshoots,
the Toro insurance concern and
; the two .north Italian banks,.
Credito Varesino and Banco
Cattolica del -Veneto.

Sig Quattrone also confirmed
that La Centrale intends to dis-
pose of its bolding in Rizzoli
very quickly. Nuvo Ambrosiano
is already pressing Rizzoli,
which owns the important
Corriere della Sera newspaper,
for repayment of outstanding
loans. But a settlement of the
fate of Rizzoli and of the pres-
tigious Milan daily paper will
probably require the prior
agreement of the political par-
ties in Rome.

THE COMMERCIAL Bank of
Korea reported a decrease in
total assets and declining net
profits for the first six months
of the year, reflecting the
difficult operating climate for
Korean banks.

(The Government has cut
interest rates on deposits and
loans by roughly 6 per cent
since the end of. 1981.1

Total assets of the bank
.declined slightly from $9.6bn
to $9.5bn in the half.

Ineome after tax dropped
drastically from earlier projec-
tions. coming in at -$8-9m for
the six months compared to
542 Am for all of 1981. Income
before taxes dropped from
$5S.8m for all 1981 to 516.4m
for the mid-year results. The
bank expects income from
foreign exchange and inter-
nationally-related business to
make up some of the deficit in
its domestic operations, but
profits will still be down this
year.

Rothschild furthers

i*'

expansion m

BY OUR BANKING CORRESPONDENT

ROTHSCHILD INC, the U.S. VS. operations itt-Jim* sa*
investment hanking arm of the will help integrate

investment. unaBius «iuu* v* mtegraie

Rothschild group, has formed Rothschtid's wortdwide activities
Rothschild Trading to spearhead in this a fra as wdlas expand.

the group’s expansion into the ing Rothschild s presence in the - * *

U.S. financial futures, options U.S. where it employs around *
conversion arbitrage 100 staff-

Last
family

year the Rothschild

, interests bought fyj

control «C New Court Securities
tr_s_ investment, bank

and

markets.

Mr Gerry Goldsmith, a man-
aging director of E. F.

Hutton, has been recruited to renamed it and introduced^n^
run the new operation wtacb TOanasenient> xn addition to M r
will work dosely vnth NMR 3nd ^ Goldsmith. E

Metals, the US. buJlion trading Talley, who used to

arm of N. M. Rothschild, the run the Now York Staffe pension
London merchant bank. fund, has been hired to look ■

Mr Bob Ptrrie. who took over after Rothschild's core money
chief executive of Rothschild’s management business.

as

Hume Malaysia profit up

HUME INDUSTRIES (Malay-
sia ) , the building materials
manuacturer, lifted pre-tax
earnings by 20 per cent to 32.6m
ringgit (U.S^14m> for the year
ended June, Wong Salong
reports from Kuala Lumpur.

Turnover increased by 13 per
cent to 261m ringitt, while

after-tax profit was 15 per cent
higher at . 17.3m ringgit The
group is paying a final 10 cans
dividend, making an unchanged
20 cents for the year.

Hume Malaysia' manufactures
asbestos pipes and sheets, and
employs 2.600 workers in
Malaysia and Singapore. ?

New chairman
at Visa
International

INTERNATIONAL APPOINTMENTS

• Mr Lars Erik Piehl, first exe-
cutive vice president of Post-och
Kreditbanken. Stockholm. Swe-
den, and president of Visa Swe-
den, has been elected chairman
of VISA INTERNATIONAL. Mr
•Piehl remains chairman of the
board of Visa's Europe, - Middle
East and Africa Region.

Mr Piehl succeeds Mr Lyman
E. Seely, retiring vice-chairman
of the board of First Interstate
Bank of Oregon. Mr Piehl is the
first European chairman of Visa
International.

• Mr Sandy Ross-Macdonbld will
be leaving his position at Bahrain
Aluminium as general manager
in March next year to join
GERALD METALS . SA in
Lausanne. Switzerland, as vice-
president on April 1. Mr Andrew
Gedrtes, currently .. aluminium
trader for Gerald Metals SA, has
been appointed director of the
aluminium department in
Lausanne.

Mr Dean R. McKay has been
elected to the board of MARSH
AND MCLENNAN COMPANIES
INCORPORATED. He retired in

February of this -year from IBM
Corporation .where be . was a
member of the corporate manage-
ment committee and a member
of IBM’s board of directors. Mr
McKay still ;has -a continuing
relationship with. -IBM, serving
as a consultant, as-' a member of
the IBM advisory .board and as
chairman . of IBM's ' public
responsibility committee.

is Mr Wolf Kruger, circulation
manager of Sflddeutsche
Zeitung, Munich.

• Mr T. Don. Stacy is the 1983
president inf the SOCTETY OF
PETROLEUM ENGINEERS. U.S.
He assumes office on Sept-
ember 28 at- the- SPE annual
technical conference and exhibi-
tion in New Orleans, succeeding
Mr W. Clyde Barton, Jr-. director
of production operations for the
international oil division. Union
Oil Company of California. Mr
Stacy is production manager for
Amoco Production Company .
(International) in Houston,
Texas.

• DATAPRODUCTS INTER-
NATIONAL has appointed Mr
Pierre Ghouti as sales director
for southern Europe and Mr Joe
Heraanl as European product
manager. Both have joined from
Data Recording Equipment Mr
Ghouti leaves his post as market-
ing director at Data Recording
Equipment to head the French
subsidiary. Dataproducts SARL.
based iu Paris. Mr Hemani was
international sales manager at
DRE.

of its German subsidiary, Scien-
tific-Atlanta GmbH. He was with
Micro Control Products, a U.S.
firin of which he was president
and chairman of the board. Dr
Teichmann will be located at the
company’s office in Munich.

• PARIBAS has promoted Mr
Jean-Lonis Masurel from senior
executive vice president Mr
Masurel is in charge of the
national banking, division.

• Mr Neil B. Wood hams has
been appointed general manager
of HERCULES FINANCE, a
finance company jointly owned
by NZ Forest Products and UEB
Industries. He was general
manager Mhrac Corp. Auckland.

• Mr James L Tolley has has.
been elected vice-president
public affairs, of CHRYSLER
CORP.

elected to the hoard of
AMERICAN MEDICAL INTER-
NATIONAL He is chairman and
chief executive officer of Ticor,
a Los Angeles-based financial
services management company.

• Mr Daniel A. Holler has been
appointed vice-president, fin ance.
at DECISION DATA COMPUTER
CORP. Mr Molter was chief
financial officer, vice-president
and controller of INA Service
Co, Inc, and the INA operations
division.

dards Board of the American
Institute of Certified Public
Accountants, has been appointed
director of research and tech-
nical activities of the FTNAN.
ClAL ACCOUNTING STAN-
DARDS BOARD.

41 The '.board of’ the Inter-
national Newspaper Promotion
Association (INPA) Europe
division -has elected Mr David
Teague to be president for 1982-
1983: He is marketing director of
T. Bailey Forman, publisher of
newspapers in the Nottingham
area. He succeeds Mr Piet
Antlerens. commercial director of
De Standaard. Brussels. The
newly elected first vice-president

• Dr Kart Reicblln has suc-
ceeded Dr Max Am man n- Grimm
as vice-chairman of CHOCOLA-
DEFABRIKEN LINDT SPRUEN-
GLI AG. Kilchberg, Switzerland.

• Mr Hans Roesnberger. deputy
general manager of Switzerland
General Insurance, . is on
January 1 to succeed Dr Theo
Scbaetzle as managing director
of LIMMAT INSURANCE,
Zurich.

« SCIENTIFIC-ATLANTA INC,
has appointed Dr Michael F.
Teichmann as general manager

• Mr Rex L. Davis, chairman
and president of Ranger Insur-
ance, Hr Frederick F. Avery ,
president of Anderson Clayton
Foods, ■ and Hr Jennings F.
Futch, president of the Igloo
Corp. have been elected to the
board of ANDERSON. CLAYTON
& CO.

• AMERICAN MEDICAL
INTERNATIONAL has elected
five senior vice-presidents. Mr
David R. AdamoH,. financial
operations; Hr Charles P. Reilly,
director. United States hospital
development; Hr Robert L.
Bohlman, Mr Harrell D. Foitik
and Hr Norman O. Loftin.

• Mr Rocco C Sidano has been

• Mr Joel Katz has joined the
PLAYBOY CABLE NETWORK
as senior vice-president, adminis-
tration and business affairs, with
responsibility for overseeing all
financial, legal and administrative
aspects of Playboy’s pay TV
programming development Mr
Katz was senior vice-president,
business affairs and administra-
tion, MGM Television, for the
past five years. .

• Hr Alan J. Lacy has been
appointed an assistant treasurer
of DART & KRAFT, INC He
was director of corporate finance
since May 1981.

• Mr James J. Lets earing,
partner and director of account-
ing aud auditing in the firm of
Bristol Leisenring Herkner &
Co. Battle Creek. Michigan, and
chairman of the Auditing Stan-

• TYCO LABORATORIES. INC
has appointed Hr James T. Card
vice-president, chief . financial
officer. Mr Gard was appointed
vice-president of Simplex Win
and Cable, a Tyco subsidiary, in
February 197S.

0 Hr John L. Vense! has been
named president of the Garlodc
mechanical packing division of
COLT INDUSTRIES INC He
was president of the crucible
stainless and alloy division.

• PENNWALT CORP has elec-
ted Hr Frank R. Golnao Jr bit
assistant controller. Since 1979,
Mr Guingn has served as general
manager of the Keyston lubricat-
ing division.

• Gen David C Jones, recently
retired- chairman of the Joint
Chiefs of Staff, has been elected
a member of the-USAir board.
He also serves as a member <rf
the boards of Radio Corp of
America, the National Broad-
casting Co, and the Kemper
Group. -

»*•
* I

<■

r-

i<-

t ■'

i-

.i

T*

»

; - • a S
» - h

: a

THIS ANNOUNCEMENT APft 4HS AS A MATTER OF RECORD ONLY

IIUSHTUTO DE CREDITO OFICIAL

ICO

MULTI-SOURCE TERM FINANCING FOR AN AGGREGATE EQUIVALENT OF

U.S.$25Q,000,Q00

W«QF,

CHASE MANHATTAN CAPITAL MARKETS GROUP DAMCHI KANGYQ INTERNATIONAL LIMITED

U.S. $75,00Q0D0

FLOATING RATE NOTES DUE 1992

CHASE MANHATTAN CAPITAL MARKETS GROUP

: iiii-i— i-n-v—n

CREDIT SUISSE FIRST BOSTON LIMITED

DAMCHI KANGYO INTERNATIONAL LIMITED

CO'jr-ITV EANK LUMITU3

LrHMAN ssnrMERi h ijwfg 1 .OS 6 1 f.fEKr 4 inawAL.INC.

t aAA>. 1 eupope 1 s -

SAMUEL MONTA.31.; 6 “C LT.flfEO
crh?;j KiTtAL eaNK i.imited
5ANC0 DE BILBAO S -.

CKCCMT LVONNAfS
L T C0 INTERNATIONAL LIMITED
MITSUI FINANCE EUROPE UMRH5

MORGAN Guar an r\ ltd

5A.NV/A 3ANh- rUNOcR.VWTCRSI LIMITED
SANCOURaui.jamSPANO AMERICANO limited

U.S. $75 > 0DQ,000

MEDIUM TERM CREDIT FACILITY

CHASE MANHATTAN CAPITAL MARKETS GROUP
CONTINENTAL ILLINOIS LIMITED
MELLON BANK
WELLS FARGO LIMITED

AMERICAN EXPRESS BANK INTERNATIONAL GROUP

IRVmC TRUST COMPANY -

THE RICCS NATIONAL BANK OF WASHINGTON. O.C.

BAN COPE BILB AO . 8. A.

AMERICAN SECURITY BANK
MARINE MIDLAND BANK. NJL
SEATTLE-FIRST NATIONAL BANK
SECURITY PACIFIC BANK

• MU

BANCO CENTRAL. 8JL

banco urauuo,8JL

AMERICAN SCANDINAVIAN BANKING CORPORATION

CALIFORNIA FIRST BANK

- . rnc.MJil

AM5WCAN = VPR=3S iNfTEWjaTiCf .’AI. Btr.'MNG
CORPORATION

AMERICAN SECURITY BAN*. INTERNATIONAL
iNASSAULLTD .

BANCO CENTRAL CORP

ILcMBER OF BANCO CENTRALS A GPOUPJ
EMJM 'JT^ajl.iQS 4.

CALIFORNIA FIRST BANK
CONTINEIVTW. ILLINOG NATIONAL BANK
AND TRUST COMPANY OF CHICAGO
MARINE MIDLAND SANV N A.

THE RiGGS NATIONAL SANK OF WASHINCTOMQC.

■.VCU'Pi-T"

SEOJarr PACIFIC SAfK

AMERICAN £C4N0B‘-W7IA.\ BANNING
CORPORATION

BANCO DE S1L54QS A.
BANCO CcNTRAL!SA.

THE BOATMAN 5 NATIONAL GAN.-L

OF ST LOUIS

THE CHASE MANHATTAN EANK.KA.
IRViNG TRUST COMPANY
MELLON SANK

’ SEATTLE -FIRST NATIONAL SANK
SHAWMUT SANK OR BOSTON. NA.
WELLS FARGO EANK.tMA.

THE CHASE MANHATTAN 8ANK.NJL

U.&$5Q00Q00D

NOTE FACILITY

DAMCHI KANGYO INTERNATIONAL
LIMITED

BANCO 2ARAGCGANO.BA.

lEAWiO,

OEC LIMITED

CONTWei'/TM. ILLINOIS LIMITED
CREOfTAGRCDLE

LLOYDS BANK WTSKNAT IQIJAL LIMITED-
ITCB INTERNATIONAL LIMITED

MITSUBISHI BANK iBJFCPBS A. ’
MITSUI FINANCE EUROPE LIMITED
NORDIC BANK pic.

SAW.'A SANK lUNDERWRITERSI LIMITED

TORONTO COMMON
1 ? J TE R N ATI 0NAL BANK LIMITED

THE CKABE MANHATTAN BAJOCKA.

cooocrwHrs'*'

CHASE MANHATTAN CAPITAL
MARKETS GROUP

r -15 ’w.-'tov

AND ARRANGED BY THE FOLLOWWfO GROUP OF JAPANESE CITY BANKS

JAPANESE

YEN 1Q0DQ0DQX30D

LONG TERM LOAN AT A FLOATING RATE OF INTEREST

THE DAJ-ICMI KANOYD BANK, LIMITED
THE MITBUBIBW BANK. UMITEO
THE BANINA BANK. LIMITEO

THE FUJI SANK. UM1TBI
.THE MITSUI BANK. LIMITED
TW TOKAI BANK, UNITED

THE DAMCHI KANG VO BANS' LMriO
THE MITSUBISHI BANK. LIMITED
THE SANWA BfifJK, LIMITED

AWFICWaSBT

thefujbapk;umi7ed

THE WTSUI BANK, UMJTS3
THETCBOM BANK. UMITEO

THE TOKO MARINE &HR5 INSURANCE COMPANYtiMITHa

THE HCKL^'U BANK LIMITED

TAISHO MARINE & FIRE INSURANCE COMPANY, LIMITED

THc A3HKAGA BANK. UftflTED

THE NIFFON FIRE & MA^NE INSURANCE CDMPANY^TMITHJ

THf JWO BAUK LT&
TVCY6SUDA MUTUAL UP? INSURANCE COMPANY
THE HYAKUJUSHI BAW.lTD.

■ncYasuDARREsMAme insurance axtpfiw.iMi&j

THEOAJ-1CHI KANGYO BANK, UMITEB

JULY SIS 32

FT INTERNATIONAL BOND SERVICE

U.S. DOLLAR
STRAIGHTS
AMnj Life 15 86/97
Amt* Int. Fin. 16V 92 76

Amn O/S Fin. 14V 89 75

ATT 14V 89 400

Baker Int. Fin. O.Q 92. . 22S
BHP Finance 14** 89
Bk. Amtr. NT SA 12 87
Bk. Montreal 14V 87
Bqut. Inda Suaz 15 89
Briiiah Cal. Hyd. 14V 89
British Col. Hyd.' 15V 92

Canada 14V 87

Canadair 15 1 , 87

Canadian Pac. 14V 92
Can. Pac. Sec. 15 89 ..

CIBC 16 87 100

Citicorp O/S 15 84/32 100
Citicorp 0/S 15V 85/97

CNA 15V 37

Con. Illinois 15V 89 ...
Deutsche Bk. P. 14V 83
Duke Pwr. O/S 15V 89
Du Pont 14V 89 WW ...

ECSC 14V 87 (April)

160

200

100

100

200

160

750

160

75

75

IS

75

100

300

GO

200

80

EIB 15V 89 150

E1B 15V 92
Ekaportflnans 14V B9 ...
Gen. Elec. Credit 0.0 92
Gen. Elec. Credit 0.0 83
Getty Oil Int. 14 89 ...
GMAC O/S 15V 85/97
GMAC O/S Fin. 15 89
GMAC O/S Fin. 15 87
Gull Canada Ltd 14V 92

Gull Oil 14V 94

Gulf Oil Fin. 0.0 92 .
New Brunswick 1SV 97
New Brunswick 16V 89
Nava Scoria Pr. 15V 89"
Oniario Hydra 14V 89...
Ontario Hydro 15 92
Pac Gas & El. 15V 89
Phillips Patrol 14 89. ..
Saskatchewan P. 15 92
Shell Canada UV 92. .
Superior O/S Fin. 14 89
Swed. Exp. Cr. 15V 83
Swed. Exp. Cr. 14V 90
Swed. Exp. Cr. 0.0 34
Texas Eastern 15V 89.
Union Carbide 14V 89
Wells Fargo Ctrt. IS 87
World Bank 14V 87 ...

World Bank IB 87

World Bank IS 88 ... .
Xerox Fin. 14 87 WW...

Change on

Issued Bid Oiler day week Yield
150 104V 106V +0V +0V 13.08
10ZV 102V +0V +0V 15.69
101V 102 +0V +0V 13.77
106V 107V +0V +1 1239
27V 2B», +0V -0V 14.43
99V 99V +0V +0V 14 J2
93V 94V +«•» +0V 13.76
96*x 97 +0V -IV 15.45
100V 100V +0V +0V 14.79
10ZV 103V +0V -0V 13.87
106 5 * 106V +0V +0V 14.08
103V 104V +0V +0V 13-10
1Q3V 103V +0V -0V 14.27
99V 99V +0V -0», 14.71
100V 100V 0 0 14.86

100V 101V +0V +1V 15J8
99V 100V +0V +OJ* 14.72
101V W1V +OV +0V 14.66
104V 105 +0V -0V 15.01
96V 97V +0V +0V 16.49

101 W1V +OV +1V 13-94

103 103V +0V -0V 14.63.
101V 102V +0V -OV 13.68

102 10ZV +OV +0V 13^7 .
103V W3V +0V +0V 74.54
103V 104V +0V +0V 14.70
101V 102 +0V +1V 14.02

30V 30V 0 +0V13.3B
27V 27V +0V +0V 13.19
103V 103V +0V 0 13.10
701V 101V +QV -OV 14.4*

102 102V +0V -OV 14A0

102V .103 +0>, +0V 14.09

101V 702V +0V -OV 14J0
101V 10TV -HP* +OV 13.94 .

30V 30V -Oi. O 13A3 '

104 104V +0V +0i, 13.96
105V 105V +0V +0V 1433
103V 103V +0», +0». 14.38
104», 106 +0V -OV 13.56
104V 104V +cv -OV 14.09

103 103V +0V +0V 14.63

101V 702 +0V -OV 13.53
102V 103V +0V -OV 14.42
107 VI 02 0 -OV 13.99

101V 702 +0»4 0 7334
102V 102V 0 0 14.60

99V 100V 0 +0V 14.70
20V 21V -OV* -OV 14.56
101V 102 +0V -OV 15-26
101V 1Q2V +0V -OV 14.21
100V 100V +0V -OV 14.80
101V 101V +0V +0V 13.73
102V 103V +0V -OV 14.08
103V 103', +0V 0 14.03
101V 101V 0 +0V 13.61

YEN STRAIGHTS

Chengs on
Issued BM Offer day weak YMd

EIB BV 92

Int -Amer. Dev. 8V 91 .
Japan Airlines 7V 87..
New Zealand BV 87
World Bank BV 92 ... .

15

15

9

15

20

97V 96V 0 +0*. 8.61
101V W2V +0V +0V 8.54
96V 97 +OV +0V 8.80
99V 10OV 0 -OV 8.25
99>« 100 0 +0V 8.42

Average price changes... On day +0V on woek +0V

Change on

Issued Bid Offer day week Yield

OTHER STRAIGHTS

100

50

400

400

125

100

125
100
100
175
300

75

76
7B

150

150

45

200

150

126
12S

mo

100

200

60

TKJ

75

500

2S0

ISO

100

Average price changes... On day +0V on week +0V
DEUTSCHE MARK Change on

STRAIGHTS . Issued Bid Offer day week Yield

150

150

100 .

W

100 .

50

TOO

200

100

100

Aan. D. B. 9V 92 (Apr)

Asn. D. B. 9V 92 (Augj
Austria BV 92
Barclays O'S In. BV 94
Black and Decker '9*, 89
Bowater Int. Fin. 8*1 89
Caisao Nat. Tels. 9V 92

Canada BV 83 j.

Cred. Fonder 8 V 92 ...

EIB 8 V 32

Int. Am. Dev. Bk. 9 92 160

ITT Antillas SV 92 100

Nacnl. Financiers 11 90
Norsk Hydro 8 V 82 ...

Norak Hydro 9 92

OKB 8 V 89

OKB 9 89

Philips Lamps BV 82"...-

Philip Morris 8 V 90 ...

Renfs 10 32

sncf BV 92

Tanneco fnt. S 92

World Bank 8V 92

World Bank BB2..

180

100

Wo

100

75

TOO’

100

100

100

100

200

200

98V »V +OV -OV 9.40
98V 99V +OV 0 BJ8
96V 97V +0V+0V 8A4
96V 97 +0V 0- 8.8?
101V 102V +OV +3 8.75
96V 96V +OV +0V »J1
101V miv 0 +0V 9.27
10ZV103V 0 0 7J9

97V 87», -OV -OV 9.14

97 97V +0V -OV 8.78
'99V +0V +0V 9.19

101 101V +OV +0V 9.05
*2 83V +0V +7V 1458

100V 100V 0 +1 8.43

102V 10Z 1 , +OV +YV 8.59
99>, 99V +0V +0V 8^
98V 99V -OV +0V 9.22

101V 101V +ov +ov SJS

101V 101V +0V -OV 7.89
99V 100V +0V 0 10.00

98 9BV +0V +0*» 8.89
98V 100V +0V +0V 9.01
9BV 98V +0V -OV 8-74

MOV 101V +OV +0V ZM
Average price changes. On day +5V on week +0V
SWISS FRANC Change on

STRAIGHTS Issued Bid Offer day week Yield

Air Canada £V 82 TOO 102V 102V — OV +0V 5 .86

Asiap Dev. Bank 7 92... 100 — —

.100
mo
100 ;

30
100
100
75

Beil Canada 18 89 CS. .
Br. Col. Tel- 17V 88 CS
Can. Utilities 17 87 CS
Gsz Metro. 17V 90 CS...

OKB Iff. 88 CS

Q. Hyd. 16V 89 (M) CS
Univ. Queb. 16V 87 CS
U. Bk. Nwy. 9V 90 EUA
Amro Bk. 10 87 (M) FI
Amro Bk. 10 87 (A) Fh
Bk. Mees &.H. 10 87 FI

EIB 10 87 FI

Ireland. 10V 87 FI :

OKB 10V B7 «

OKB 14 88 FFr

Solway at C. 14V 88 FFr
Beneficial 14V 90 £ (D)

BFCE «V 87 E

BNP 13V 91 E

CECA 13V 88 £

Fjn. Ex. Cred. 13V 88 £
Gen. Elec. Co. 12V 89 C
Hiram Walker 14V 86 £
Norsk Hydro. 14V 87 E
Prtvatbankan 14V 88 f

Quebec 15V 87 C

Quebec Prow. 14V 89 £
Reed (Nd) NV 16V 89 £
Royal Trustee 14 88 E...
SDR France 15V 92 £...
Swed. Ex Cr. 13V 88 E
Ten n a co Int. 14V 57 £
Coiin. Eur. 1ZV 92 LuxFr
Eurnfima 10*j 87 LuxFr

18

150

75

75

75

75

75.

100 T1O3V104
50 4103V 103V
35 tIGSV 106
20 tIOIV 102V
63 t103 103V
SO t103»j 104
17 tlOO W1
98V 97V

100 V 101 .

MOV 101
98 99V

99V 89V
93V 89V
MOV 100V
93V 94V
94 95

93 94

10S 106
101V WZV
103*2 104V
101V 102V
102V 103V
102 103
105i, 106V
97V S8V
104V 10SV
101V WZV
107 s , 108V
102 103
106V 108
101V 102V
100V 101V
107V 108V
99V 100V

200

20

30

15

20

15

60

25

30

12

35

30

12

30

20

30

600

GOO

+0V +1V 15.09
0 -OV 18—1
0 +1 15.23
0 +1V 16.75
+0V +0V 15.30
+OV +2 15.49
0 +0V 16A0
0 +0V 10.07
+0V +0V 9.7B
+QV+0V 9 79
0 +0V 10.18
0 +0V 10.13
0 -OV 10.87
+0V +0V 10^»
0 -OV 1BA8
0 -OV 18.85
0 +0V 15.B7
+0V +0V 12-84
-OV -OV 13-10
0 +0V 12.M
+0V 0 13.02

-OV -OV 1135
0 +OV 13.25
0 +0V 12.81
0 -IV 14.88
0 +0V 13.79
+0V +0V 14.04
0 +0V 14.74

-OV +0V 12.98
+0>* +0V 14.33
-OV -OV 12-88
0 +0V 14JS
0 +1V 11.14
-OV +1V 10.42

R.OAT1NG RATE
NOTES Spread

Allied Irish 5V 92 OV

Bk. of Tokyo 5V 91 (D) OV
Bk. Nova Scotia 5V S3 OV

BFCE SV 88 OV

BFCE 5V 87 OV

Caiseo Nat. Tela. SV 90 OV

CCCE 5V 2002 OV

CEPME 5V 32 OV

Chemical NY 5V 94 tOV

Credit Agricols 6V 97... OV
Credit du Nord 5V 92...' OV
Credit Lyonnais 6V 97... OV
Credit Lyonnais 5V 94... OV

Credit Net. 5V 94 *0V

Ireland 5V 89/84 OV

Kaneallis Osaka 5 s ! 32 OV
Lloyds Eurofin 5V 93 §OV
Lonn Term Cred. 5V 92 OV

J. P. Morgan 5V 97 $0V

Net. West. Fin. SV 91..; §QV

Bid Offer C.dta C.cpn
98 SB 1 ! 16/10 15.60

New Zealand SV 87 ...
Nippon- Credit 5V 90 ...
Offshore Mining 5V 91

PKbank'en '5 91

Scotland Int- BV 32.

Sec. Pacific BV 91

Sac late Generals 5V 95
Standard Chart. 5V 81

Sweden 5V 89 —

Toronto Domin'n 5V 92

OV

OV

OV

OV

OV

OV

OV

OV

ov

ov

BNP 6V 92

Eldorado Nuclear BV 92

Europarat 7 s * 92

Ind. Fund Finland BV 82
Jaoan Oav. Bank 8 34 ...-
Kanni El. Power BV 92

Koa Oil Co. 7 92

Robs City BV 92

Lonrho Int. Fin. TV 92
Mont Slane Tun. 7V S2 70

Nefinw SV 82 80

Natomas O/S F. 7V 90 73

New Zealand 6 92

Nippon Tel & T. 6VS2

NYK 8V 92

OKB 7V 92

Quebec Hydro BV 92 ...

Renta 7V 92

Sumitomo Motel SV 92
Svenaka Handels, BV 92
Swed. Exp. Cred, 7V 91
Tiraler Weaaor 6V 92;. . 100
TNT O/S Fin 8% 92 ... 100
World Bank 7V 82 ... .. "IDO

WV 9BV -0 s * 0 7.09
***• -OV +0V 6-82
103 103V +0V +0V 6.07
100V 101V +0V -OV 7.W
99** S9V -OV -OV 6.80
WV 101V -GV 0 B.83
102V WZV -OV -OV 6.38
102V 102V -OV -OV 6.83

WO' W1V 101V -OV -OV 5*1

100

100

100

100

100

80

WO

wo

100

B3V S3 V +0V O 8.54
102V KO -OV +OV 6.72
J* +?V -ZV 13.31
102V W3V -OV -OV 7.0S
102V 102V -OV +0V 5.85
103V 103V -OV -OV 6.01
93V 9SV-QV 0 6.84

WZV 102V +0>. 0 6-57

103 103V 0 +0»* 8,is
96V 96V+OV-OV SJO

97V 88V -IV -IV 7.03
9BV 98V -OV -OV 8J4
100V 100V 0 +0V 7.17
88V 38V rOV -OV 6.42-
^ 88V +OV +0V 7.48
103V WJV +OV -OV 6.71

Awerage pnea change* — On day — OV on wreak -OV

Average pride change*..
CONVERTIBLE - Cnv. Cm.
BONDS data price

Ajinomoto 5V 98 - 7/81 933

99V 1001, 8/12 151 ,
98V 98V 29/10 15V
99V 100 28/10 15
99V 100 27/1 14
89V 99V 21 /10 15V
SSV 98V 11/12 15V
89V 100V 10/12 15.44
98V 99 23/9 16.69
99V 99V 24/9 15.44
99V 100 23/12 16.81
99V 100 1/10 16

3SV 90V 1/1 16.94
38V 99V 9/3- 12.18
t»V S8VT25/11 14V
99V 100 8/11 15.31

99V 100 29/10 17V
99V 99V 29/11 14V
99 99V 12/11 1294

100V 100V 15/1 15V
99V 99V. 7 /m 1G-56
89V 99V 10/2 13V
99V 100V 2/12 14.19
100 100V 17/12 16.81
9BV 98 23/9 16V
99V 100 24/11 15
98V 99V 1/3 1281
99V 99V1B/11 MV
90V 99V 26/2 11.81
98V -98V 11/2 14L31
On day 0 on week 0

C.yfd

15.97
15.2S
15.37

15.04

74.04
15.83

15.61
15.42
16.80
16.52
16.86

16.04
17.11
1232

14.97

1GJS

17.17
14.88
13-04
15.19

15.62

13.93

14.17
15.77
15.57

15.04

12.93

14.93

11.93

14^6

Bow Valley Inv. 8 95 .. 4/81 23.12
Bridges rona Tire 5V ' 96 3/82 470

Canon 6V 85.. 1/81738.3

Canon 7 97 — "7/82 748 J2

Chugal Pherna. 7V 98 ... 7/82709.6
Fujitsu Fanuc 4V 96 ..10/81564.1
Furukawra Bac. 5V 9B... 7/81 - 300

Hitachi Cable 5V 96 2/82 515

Hitachi Cred. Cpn. 5 . 96 7/81 Mis.

Hands Motor 5V 57 3/82035.6

Kawasaki 5V 96 9/81 229

Manii 6 96 7/81846 A

Minolta Camera 6 96 . .10/81 826.4

Minoreo 3V 97 5/82 8.16

’ Murat#. 5V 96 -7/81 2168

NKK 6V 88 7/81 188

Nippon Electric 5V 97._ 2/82 846
Orient Finagts 5V 97 ... 3/82 1205
Sanyo EteZttie 5 98.„..'.W/S1 862
sumitcmo Elec. 5V97... 3/82 577 J
Sumitomo Mel. 5V 96... 10/81 296.1
Minabea 6 s , 92 Swfr .10/82 557
Konishiroku 6V 88 DM 6/92 816
Mitsubishi H. 8 89 DM 2/82 263

Chg.
Bid Offer day
81V 83V -OV
9B«« 100V +OV
86*4 87V 0
102V 104V -IV
H3V 114V -IV
113V 115V- OV
83 8S +0V
90V 92V —4*i
89 90*, 0

71 78 - — ov

88V 90V -OV
S3 60V 0
94V 96V +0V
«2V 84V +1V
f10«V 10SV -OV
71V 72V -OV
68 69V -OV

83V 94V -IV
85V 88V +1
06V BRV — OV
86V 88 0

60V 82 +0V

102V 1B4V -OV

10ZV tosv 0
90V 81V +0V

Prom

12.04

45.23

3-66
7.50
9.49
4.11
31.33
0^7
8.17
33.32
10.10
20.28
8.46
26.79
355
24S8
22 33
Tl.»
12M
27Z8
3.85
57.®
1.72
1133
3538

O Tha Financial- Timai -Ltd. 1082: '.Rapreducrion m whole
or in part in any form not permitted Without written
consent. Data applied by DATASTRfcAM lntametitmal.

EUROBOND TURNOVER

(nominal value in 5m)

Boro-
Cedei dear

Ufi. 5 bonds

Last week 4,737.3 7,5613

Previous week 4,967.9 7,W10

**•

*i '•Tv.**. 4 v

■ . r S.t

: . .!* \

-j', •'

■r ’ III ; *-p

4 .

-J.-’

Other bonds

Last week 1.02S.8 6UJ

Pterions week 1,195^ 451.7

• R .1

• "•'■-J

* No information available—
previous day's price.

-i »•« s: . , ir.

" » 'll '4

t Only one market maker
supplied a price.

STRAIGHT BONDS: Tffe yieW ' r
is the yield to redemption of •
the mid-price; the amount issued,
is in millions oE currency units
except for Yen bonds where it is
in billions. - Change on week= .
Change over price a week earlier*

FLOATING RATE NOTES:
Denominated in dollars unless
otherwise indicated. Coupon
shown is minimum. C.dte>=Dats
next coupon becomes effective.
Spread = Margin above six-mooth
offered rate- (J three -month:

mean rate) ' for U-S- j
Ccpn = The current
C.yJd = The current

S above
dollars,
coupon,
yield.

York

Ini

CONVERTIBLE BONDS: De-
nominated in dollars unless
otherwise indicated. Chg. day-
Change on day. . Cnv. date- First
date for conversion into shares.
Cnv. price ^Nominal amount of
bond per share expressed in
currency of share at conversion
rate fixed at issue. Prem-Pet^
eenta'ge premium of the current
effective price of acquiring
shares via the bond over the
most recent -price of the shares.

The list shows the 200 latest
international bonds for which
ah adequate -secondary market
exists. The prices over the past
week .were supplied by: Kreaiet-
bank NV- Credit Commercial de
Francer Credit tybmjals; Com*
merabank . AG: - Deutsche Bank
AG; Westdtutscbe Landes bank
Girozentrale: Banqne Generate
du Luxembourg SA; Baoque
Ibtenjationale .. LuxembouriT.
Krediethank Luxembourg'-
Aigemen'e Bank Nederland NV:
Pierson. Heldring and Pierson:
Ctedlt^uisse/Swlss Credit Bank:
Union -'Bank of Switzerland:
Akroyd and Smitbers: Bank m
Tokyo Intern aticmal; Chase' Man-
hattan; Clticotp Interaational
Bank;. Credit Commercial de
France ' (SecilriHes) London;
Daiwa Europe NV; DeHec
Securities (UK); . EBC; First
Chicago; Goldman . Sadrs Intel'’
national Corporation: Hambros
Bank; IBJ Intern ationaL Kidder
Peabody International; Merrill
Lynch; Morgan Stanley Inter-
national.* Nomura International:
Orion Royal Bank; Robert
Fleming and cb.; Samuri
Montagu. and Co.: Scandinavian
Bank: Societe Genersle Stnw« -
Turnbull; Sumitomo . Finance
International; S. G. Warburg and
C6^ Wood .Gundy. .

Closing prices on September It

*»•.

i-Wf

.Financial. Times Monday . September . 20 . 1982

Coopanfes and Markets

WORLD STOCK MARKETS

HONG KONG

1962

High i Low

Sept. 17

[PHca
! HKS I

JAPAN

i

1982 j

High 1 Law j

Sept. 17 -j pries
. ; -Yen

761'AllnemotD

417'Amada —

450!Asatli Glow

592' Bridgestone

64 5, Con on

200 Citizen

595|Da!isl

559DKB

560. Dal Nippon Ptg ,
563'Daiiva House... .
56&Dalwa Seiko. ..

350 Ebnra

TSS.ciui

3,580 Fanuc

1,190-Fuji Film
l,OQ7Fuii>awa - .
1,710 Green Cross

45B Hasegawa -

500 Helwa Real Eat...

54i: Hitachi

425'HltaChl Kokl.. ■

5B2 Honda. J

9 lO'Houao Food

619'Hcyo

25? Itch iCi

545 Ito-Ham

770 tto Yokado

360JAGCS -

2,130 JAL -.

540 JuflCO

5 IQ Kajima... :.....

470 Kao Soap

610 Kaahlyama

551 Kikkoman

355Klnn

685 Kokuyo

430 Komatsu

535'Komatau F'lilt....
519 Konlshiroku .... ..

328-Kubota

351.Kdmagia ... . ....
5,060 Kyoto Ceramic..

356Lion

514.Maeda Const.

690 Makita 740

267:Margbonl i 2*5

Slo.Marudai 516

785'Marui B72

902 MEI ; 1.100

450'M‘ia Elec Works 470

484'M'DIShi Bank. 500

470 M'biShi Corp ! 473

214,M’bishi Elec > 275

402|M'bishl Estate....; 418

16S|MHI 1S1

295, Mitsui Co ! 295

556 Mitsui Estate 1 588

308 Mitaukosht • 544

431INCK Insulators... 1 443
890 Nippon Denso ... 1,000
610|Nippon Gakki ... 650

551,Nippon Moot j 366

806-Nlppon Oil _• 872

635 Nippon Shimpan' .711

126Ulppon Stool ' 155

MB' Nippon Sulnan ... 226

3,750'NTV [3,830

215 Nippon Yusen._.- 216

710 Ntaaan Motor 720

519 Nisshin Hour.....; 321
139:Nitahin Steel...... I 144

381 Nomura. — 427

733 Olympus 1,090

1.225'Orient Leasing .. 1,450

1,310 Pioneer 1,700

586Ren0wn 650

445 Ricoh' 555

364iSanyo Elect. 402

231, Sapporo 234

646 Sokisui Prefab 680

60S Sharp 874

761iShiseido 893

2,960 Sony ,3,440

521;Stanley. 552

200;s'tomo Marine...! 202
430rraihel-Dengyo..-' 449

2l3iTalsel Corp_ 225

56D;Taisho Pharm ' 619

?60>Takeda_ • 797

3,OBOTDK. „..„:3,B90

200 Teijin 200

726!Teikoku Oil 910

400'Tokio Marine- 4E9

405 TBS 420

795.Tokyo Elect J*wr,| 824

105,Tokyo Gas | 107

585ToKyo Sanyo,..,...; 408

200 Tokyu Corp - ; 209

260 Toshiba — 313

585|TOTO ! 395

396 Toyo Seikan 399

806 Toyota Motor-...' 872

1,630 Victor - 12,380

656 Wacoai ... 660

626 Yamaha 657

505 Yamazaki ! 525

211 . asuda Fire 215

444'Yokogawa Bdge., 445

mg Lisa'.sa,

H'nie Bods ;63.73j 6MB j 6M0 BS.SBj 62^ 63.58 BM8 g | - j -

Transpoft/SS&ZR 387.31 S74.B 373.4Si374JB-3B9.Eoj 688.48 288.12 I 447.61 J 12.32
^ j I i ! 17111 (WlO) {18(4/81) (B/7/32)

Utilities.. . 4 TS.SS* ll&Afli 117.M! 11E.23|115.22:114.48 117.54 185.22:163.32 10.fi

■ | j | ! | I <15#9> j (30/7) {20/4 1«9) 28/4/4Z)

Tr ^T V0, j«^6#| 78.8Wj 68 ( €aal U,07OjaB^20!7l^w| - j ■'* — -

* Day * high 931.29 low 91B.7I

Aug 27 Year ago (Approx

6J&B 6.3B

SOUTH AFRICA

1

19B2 , Sept. 17 j

Price

High ,

Low

Rand

4.50.

E.lC^Abcrcom 1

2.50

9.9

6.00 AE & Cl

7.20

16.9

6.9C Anglo Am- -

16.5

105.25

58.DC,Angfo Am. Gold-

103

3.85

B.Os'Anglo Am. Prop- 1

3.2

10.6 ,

6.55;Earl0w Rand

9

51.5 [

24.5 Buffets

51.5

7.8

4.95'CNA Invent

7.3

3.05|

1.95, Currie Finance...!

2.45

8.68

3.97, De Beers ‘

6.85

I 33.501

18.75;Driefontein i

32.5

45.00

19.&FS Geduld >

44.25

L 95 ‘

46.25 Gold Fields SJt...'

95

h 5.B5:

3.7 Hiqhvol d Steel.„>

5.15

- -4i- '

23 Kloof

40

7.10!

4.95:Nedbank '

7.05

21.5

14.50 OK Bazaars

19.25

3.7

1.B5 Protea Hides

2.20

15.0

8.10 Rembrandt

15

5.75

3.3 Rennies

4.5

5.35

2.59 Rust Plat

5

*

2.0 .Sage Hldgs

2.6

5.15

3.75 SA Brews

4.75

22.5

15 Tiger Oats

22.5

9.5 '

5.5 Tongaat Huletto.-

7.5

4

2.95, Unisec 1

5.55

CredKAWlen (2/1/92) I 48.45 j 4B.63 i 48.4B 48.64 66.98 (4/1)

BELGIUM

Belgian SE (31/12/U)

i j

103.53 ; IB5J2' 101.89, 102.11

105^3 '(17,-9).

89.43 (20/1)

DENMARK

Copenhagen SE (1/1/73)

111.161 1IUI6 110.64, 108.63

126^2(25-2)

W8J1 (13/8)

FRANCE

CAS General (81/18/81)
Irtd Tendance (il/IS/BI)

! f : •

100.10; 100.3 ■■ S8.T0 : 98.60
U6J0| H7.0 1 1M.80 114.10

11MI12/R- !
IZ4JB { 12iS>

93 J <12,-01

87 J \4)l)

SWEDEN

1982 ^

SepE. 17

J Price

High , Low 1

.Kronor

Financial Rand USS0.731
(Discount of 151%)

HOLLAND

ANP-CBS General (1970)

87.4-1

.87.5

9EJ

9S.8 1

■?5DCJ0iS)

843 (HI)

ANP CBS indlftf (TOO;

<XJi i

98.4

.88.4

883 .

74J [IA'5)

8S3 (4/1)

HONG KONG

Hang Seng Bank (31/7/94

i

IBBS 1050. 1

!lD8B.-26 TH 52.69'

144532 (13(1) ‘

83738(184)

NY. S.E. ALL COMMON

Rises and Pahs

Sept. 17 Sept. IB Sapt.15

~' r ~~ Issues Trailed 1,898 1,923 .1,9X6

- i u, 3 ; 961

"■*?“ , 7 “ s 1 m5 VW Is S-" n S* :

DOW Average (16/5/43) 7Ufi2Jl[ 70S7J' - 7B9EJ5 7226J5 (27/1) 686436(17/8)
Tokyo New SE (4/1/68) , BHJI' ssijs- - , 5)2J7 &U.2S]27.-1> 51LS2 (17/8)

NORWAY
Oslo SE (1/1/72)

SINGAPORE
Straits Timas (1B68)

| 11734;

.11835] 1163

.11636!

130.38 (28/1)

W8.12 (1.-41

i

1.640.11

1

867.06] 857.41

823.4;

BHL7E (fell

1 BB7JI7 (18(8)

[ARB ED 1,160

[Bank hit A Lux 4;10D

IBekeert B__ 2,300

iCImant CWt.-— .j 3.600

-CocKerm— I ..-. l i 126

:EBES J. 1.930

jEleotrobel [ 4,930

Fabriquettat ; 2,900

G.B.Inno. ! 2.960

GBL (Bnur 1,360

Gevaert L \ i.eao

Hoboken 3,660

Intercom- 1 1,596

IKradetbank. ■ 4,040

Pan H(dge_- I 6,100

iPetronna 4J75.

i Royal* Beige-.-; '5,500
Soo. Gen. Bang. 2,359
iSoCrGan. Beige-' 1,280

■SofilM. J 3,920

Soivay — «-.-J 2/165

'Traction Elect.—; 2,860

jViellle Mont. ! .3,560

70,3471.0 71.18 70.57 71 JW I 58-80
, ; , , (4/1) | 112IH

SOUTH AFRICA

Geld (1888)

f 6533 | 884 J 1

649.B

6SS.fi ■

S54.2

06® »•

SOLS (8/7)

industrial (1958)

1 882 A ; ES0.fr ]

BT9J

BIS- 4

•7ru7

1W) •

H 175 (28/8)

SPAIN

Madrid SE (SB/12/W

TORONTO Composite! W46jj ie*7j|l827.M'WlB.M r BKJ 14.1) i 1»2J (7/7)

240.B . 343.4 SSi.Hlim. ! 2B7JI (17/1)

El

" Bran

1

m

H

u

B-i-B

ill

H

185'aGA...

197:Alfa-Laval

157|ASEA (Free)-

350 A3tra

B7, Atlas Copco

156:Boliden

212Cel(ulosa

SlIEIectrolux EL..;..

192 Ericsson

115 Esselte (Free/ ....

120 Fagercta

91'Fortia (Free)

99 Mooch Dom

121:Saab-Skania

159 sandvik B (Freai

440 Skandla. ....

183 Skin EnskUda ..

108 SKF B—

255 SL Kopparbcrg.
- 95‘Sven Uandeisbn
100 : Swedish Match.
1 20 Volvo B (Free)....

SWITZERLAND .

■ 1982. j.... Sept.17 . ;. Price-

High • Low [ Frs.

• 675j - 380;A]usulise._..:.'-T..: — 415'

. 1,160 81a,Brown Boveri £50

X,345' 1,165'CIba Gelpy j 1^355

BRAZIL

19B2

High- Low

Sept. 17 , Price

' Cruz

1.95 1.30Acesita

17.a0i 0.45 Banco Brasil :

6.70 3.0 Belco. Min

6.25' 2.55 Brahma PP

8.05 6.50 Logafi Amer

5J20 2.00 Mannesmann OP

12.60; 6.3 PetrobraePP

12.60, 6.31 Sousa Crux 1

15.0 ' 4.65. (Jmp PE -

18.00 7.6 vale Rio Doce.....

1982 1 Sept. 17 J Price

~ RTgirr Low • , %

2,375| 2, 1 90,Eloktro watt. i .2.365

620i 3B0FIaher(Oeo>- — • 440

63,600; 53,750' HO rf-RochePtCts 63,000

NEW YORK ACTIYE STOCKS

Change , Chinge

Friday- Stocks arming on Stocks CU09>«9 *

traded price day P I^ dB L

Crum II foratar f. 409.900 44 +3 General Motors — s

Marmi-Msiiette Z07t.»2 48 +Vt Exxon IS’lS ul " ?

ATT . 345,700 65 - V Ch.yalor S48.«0 Bh - \

■ nea w am -lei. Clk I >lh< . . fiffl BG'l '

WORLD

Capital IntL (1/1/flP

- j 13S.SC. llfij ; 12S.7 . 147.2 /4,-T) . TIM (1SIB)

IBM 726,800 74k — «. ,

Waincr-Lnmbart 699.100 Notoma* 497,300 18 .+ 1 1 * I

Eli Lilly 503.600 GG T »

(*•) Saturday Sept -.1: Japan Dow 7372.38: TSE 5 33. 5 .

Base values of all ind/cas a>a 100 except AiistnihB All Ordinary and Mraie—
500. NYSE All Cummon— 50: Stsndaid and Pears— 10: and Totoma— 1,000: the
lost turned based on 1975. - t Excluding bonds. 1 400 industrials. S 400
induatrlbls glut 40 Utrinias. 40 Fuiwnciale aad 20 Transports. eCtoaed
u Unavailable,

1,S00| 640 Lsndisi Gyr. j .735

3,400i 3,070, Nestle.. 1 3,-400

1.485i , 850.0or-Buehrie 910

J r S39‘- ElO^lrelli- • 212

4,450. 3,BS0iSBndDZiBr! 3,950

560' agv'sandoziptcts 1 .;.-- 556
-•••B9D, ; 236Schlnd?er :PtCtsl ass

760 6 IQ Swissair..: ' M2

526- 260 Swiss Bank - - ■' 273'

6,600 S.5009WiSSReiDlce_.. 5,950
1,030' 650 -Swiss VolKsbk — 990

8^510' 2,680 [Union Bank 2.760

2,425{ 2,050-Wintesthur 2/.-1Q.

164O0| 15^00 Zun chjn s 14,300-

366 : 270
560 . 244
324 1 206
337 ! 236
567 j 214
395 ! 280
180 ' 85
68.2 47

59 39

104.5 59

.74 60

<Bco Bilbao i

■ Eco Central '

:Bco Exterior...—.-

jBco Hispano-

■Bco Santander ...I
Bco Vizcaya

DragadOB

tHidrola •

iberduero -

Petrolsoa

Telefonica.

NOTES: — Price* on this page era as
quoted on the Individual exchanges
and are las; traded prices. S Dealings
suspended, xd Ex dhryimdi xpjx scrip
fassm. "aa-Ex rigfiisl r

•SSL CURRENCIES,’ MONEY and GOLD

Financial Times Monday September 20 lfl82

i J

information

MONEY MARKETS

BY COLIN MILLHAM

Seasonal fog patches

Thft season of fogs and mists
seems to be spreading its
influence into the financial
markets. London domestic
interest rates are locked onto a
general level of 11 per cent and
probably will stay there until the
weather clears a little- Despite
a feeling io the market that the
nest cut in clearing bank base
rates may have been pushed a
little further into the future the
Bank of England had problems
last week finding enough hills
to take out the daily shortages a£
credit. This may have been
partly a reflection of reluctance
by the discount houses to part
with paper on a permanent basis,
hut could also be a sign of lack
of market liquidity; .

The authorities also seem
reluctant, to arrange too many
repurchase agreements at the
moment, only providing one such

agreement last week, on Wed lies'
day following an unexpected
market shortage. On that day
the shortage was thnught to be
in the region of £500m, but was
later revised to £7 00m. with the
Bank of England buying £326m
bills in the afternoon for resale
to the market at a later date.

Bills resold to the market from
unwinding repurchase agree-
ments were largely responsible
for the shortage of fWOm on
Monday and were a major factor
behind Tuesday’s shortage of
£550ra.

Bank of England market
dealing rates for buying bills
from the market have not
changed since the last cut in
base rates at the end of last
month. The authorities are
probably waiting for the fog to
clear on the other side of the
Atlantic before prompting the
banks to move again. 'Wednes-

day’s action by the Federal
Reserve to drain reserves from
Federal funds market was
almost certainly a technical
move to smooth liquidity flows,
hut ahead an expected very
large rise in weekly Ml money
supply was enough to cause a
minor scare in New York and
London.

Statistics on industrial pro-

duction and factory use released
last week underlined the weak-
ness of the U.5. economy,
leading some observers to doubt
the Fed’s willingness to tighten
credit even if' the money supply
remains above target But until
the attitude of . the U.S.
authorities becomes a Iiftle
clearer caution is likely to be
the watchword.

WEEKLY CHANGE IN WORLD INTEREST RATES

BANK OF ENGLAND TREASURY BILL TENDER

Sept. 17 Sept 10

Sept. 17 Sept 10

Bills on offer.. — £100m £100m Top accepted

Total of rate of discount 10.1077% 9.9874%

applications.... £S66,02m £531. SO m Average

LONDON
Base rates
7 day interbank
3 mth Interbank
Treasury Bill Tender
Band 1 Sills
Band 2 Bills
Band 3 Bills
3 Mth. Treasury Bills
1 Mth. Bank Bills
3 Mth. Bank Bills

TOKYO

One month Bills
Three month Bills

BRUSSELS
One month
Three month

AMSTERDAM
One month
Three month

Sept 17 .change
10'P lUnoh'd

llOlg

llOTs-UI<
IOw-IUs
110.0701
1 10M
•104
!103e
10 1*

J 10^ 10ft
lOxrlOU

7.21875

7.21075

0.1843
Unoh 'd
.Unoh’d
lUncd'd

Unoh'd

i + IS

HEW YORK
Prime retea
Federal funds
3 mth Treasury Bills
6 Mth. Treasury Bills
3 Mth. CO

' FRANKFURT
Lombard .

One Mth. Interbank
Three month
PARIS

Intervention Rate
1 Mth. Interbank
Three month

MILAN

One month - '

Three month

Sept. 17;change

13 4

IlOU-lOij

:7.96

■9.48

* 1.10

lurch’d

'Unch'd

—0.4

—0.24

—0.15

Unch 'd
—0.135
•-005

Unch *d
—U
-is ■

DUBLIN

Unch'd One month
, Unch‘ d Three month

Total allocated... £100m
Minimum

accepted Did £97.48

Allotment at

minimum le«e|... 5%

£I00m rate or discount 10.0701%. 9.9052%
Average yield . .. .. 10.35% i 10.16% •
£97.51 Amount on offor

at next tender. £100nt ' £100m

London— band 1 fa IBs mature in up to 14 days, band Z Mis IB to 33 days, and
hand 3 bills 34 to 63 days. Rales quoted represent Bank . of Enslsnd buying or
selistg rates with the money market In other centre* rates are generally deposit
r ***s in ®jo daueetix. man ay market and tfasb respective changes during the
week. * Band 4 Iff*. ■

FT LONDON
INTERBANK FIXING

3 months U.S. dollars

bid 12 1.8 offer 12 lit

6 months U.S. dollars

LONDON MONEY RATES

Sept. 17
1983

Certificate j Interbank \ Authority negotiable

of deposit

deposits

Overnight —

2 days notice...! —

7 days or i —

7 day* notice... —

One month j 11&-107$

Two months.... IOHi-IO 5 *
Three months. lOts-lQi*

Six months ' IQ'j-lCUt

Nine months... 10-fe 10i|

One year 103 10&

Two years. —

,1 Finance 1 Discount. ■ 1

House Company Market .Treasury
j Deposits | Deposits Deposits.' Bills 4

- 11 : 1010%*; —

tOTs-lUs
104? Ills
lOTs-XUs
loft-ina
lOft-lU*
11 lit*

j 1198-11* I
.11*114 |
114-11
1 10 -94
' 107a-Z04
i 10V10l«

104-10*
: 104

i 101 r

' 94-10

"KW'tff*:

»-10 j 104 10j40*‘*

ECGD Fixed Rate Sterling Export Finance. Scheme IV Average Reference Rate lor interest period 4 August to
7 September 1962 (inclusive): 11.037 per cent.

Local authorities and finance houses seven days' notice, others seven days fixed Long-term local authority mortgage

The fixing rates (Sept 10) are the arith- >ates. nominally three years 11V per cent: four years 11 s * per cent: five years 11»« par cent. OBank bjil rates in table

mem: means rounded to the nearest b “V*"* rates for prune papers. Buying rates for four-months bank bills 10*, per cent: lour -months trade bills

one-aiTteenth of the bid end offered Approximate selling rate for one month Treasury bills lOVIO^n oar cent; two months .10V10*u per cent and three

rates tor 510m quoted by the market to months 10 per cent. Approximate selling rate for one month bank bills 104-10 33-64th* per. cant: two months 10 s *-

five reference banks at 11 am each 10 21-64ths per cent and three months 10®* per cent: one month trade bills 10*S» percent; two months 10/ per cent;

working day. The banks are National three months UPjr-KH per cent.

The fixing rates (Sept 10) are the arith-

Westminatnr Bank Rank nr ToUm Finance Houses Base Rates (published by the Finance Houses Association) 12 per cent"- from September 1 1982.
neuron ha Rent a,., a m.. i ‘a ' 1/5 nd 0,1 Scottish Clearing Bank Rates for lending 104 pet cent. London Clearing Bank Deposit Rates for sunrf st

□eutsens Bank. Banque National de M ven days' notieo 7V7*, per cent. Treasury Sills: Average tender rates of discount 10.0701 per cent. Certificates of

Pans and Morgen Guaranty Trust. Tax Deposit (Series 5) 11 per cent from August 18. Deposits withdrawn for cash 9 per cant.

EURO-CURRENCY INTEREST RATES (Market dosing rates)

Sept. 17 |

Short term

7 day’s notice.... 1

Month i

Three months. . ..

Six months

One Year

11-114
1073-11 1 8
11 114
11114
114-114
llrx-llrir

10fe-lO7g

11-114

114-114

ll+-12r~

12^-13* ,
13ft-13ft I

Canadian I Dutch
Dollar | Guilder

114-124 - 7ri-7fi
13-14 ■ 7^-74

134-134 1 74-74'

154-134 ■ 7 hi 7^
144-144 | 84-84
14*x-147 B i 8,%-afi

14-144 |
144-164 !
i7 18 ;

17-184

17189a

185s -19te

7t*-7~ | 184-194 204-21

84-84 I X8 , «-19 , « i 215, -33U

81*84 | 19-20 | SlSa-224

12-13 |

12*«-13*i
HV12>t !
124-134 I
134 141. -
134-144 i

114-12 i

12- 12 4 ;
124 124
124-124 1

13- 134 :
154-1358

«-7 25-35

7-74 I 28-38
*-72b , 294-344
i-7ft 22-95

f-74* I 20-23
s-74 I 384 20

SDR li'.ked deposits: one month 10**-10 r « per cent:' three -months 11-11^ per cent: six months 11V12 per cent: one year HY-1Z4 per cent.

ECU linked deposits, one month 11V11H per cant: three months 11V12 per cent, six months 12*r-12*» per cent, one year 12V12H per. cent.

Asian S (closing rates in Singapore): one month 1 1>*-1 1»* per cent; three months 12-12*1 per cent: sut months 1V13 per cent; one 'year 13*u-13 7 i* per cent.
Long-term Eurodollar: two years 13’, -14*, per coni: three years 14-14** per cerft; four years 144-14** per cent: five years 14V 14V per cent: nominal closing rates.
Short-term rates are call for U.S. dollars. Canadian dollars and Japanese yen: other? two deys* notice

The Icilowmg rates were quoted for London dollar-certificates of deposit: one month 10.S5-10.95 per cent: three months 11.50-11. 80 per cent; six months 12 10-
12 20 pet cent; one year 12.70-12.90 per cent.

CURRENCIES AND GOLD

THE DOLLAR SPOT AND FORWARD

Money supply fears

Sept 17
UKt

One month
0.08-0. 13c dis

Markets were generally pre-
occupied with a recurring
pastime last week, trying to
guess the rise in the weekly U.S.
Ml money supply. A large rise
in the Ml figure was confidently
predicted, but estimates ranged
anywhere up to SlOhn. with most
suggesting figures between S2bn
and S7bn. This uncertainty,
coupled with further signs of a
depressed U.S. economy and con-
fusing signals from the Federal
Reserve on monetary control,
was enough to keep the foreign
exchanges rather quiet for the
most part.

The dollar rose slightly to
DM 2.49*0 from DM 2.4950
against ihe D-mark, was un-
changed at Y262.75 against the
yen. and fell to FFr 7.07 from
FFr 7.0925 against the French
franc, and In SwFr 2.1325 from
SwFr 2.1450 in terms of the
Swiss franc.

Sterling ended on a weak note
as (he continuing dispute
he tween the Government and
fhe health service workers, build-
ing up to next week's "day of
action.” and a possible confronta-
tion with the miners over pay
gave the market some concern.

GOLD MARKETS

The pound’s trade-weighted
index eased to 91.6 from 91.7,
and sterling fell to DM 4.2825
from DM 4.2925; to FFr 12.1050
from FFr 12.14; and to SwFr
8.6550 from SwFr 3.67. but
improved slightly to Y450.0 from
Y449.50. .

The French franc fell to a
record low against the dollar on
Monday, and was supported by
rhe Bank of France against the
D-mark on Tuesday. But senti-
ment changed with Wednesday's
announcement of a standby loan
of FFr 4hn to defend the
currency. The obvious deter-
mination of the authorities . to
defend the franc has been
conugh to deter speculation, at
least for the time being. The
franc finished in the middle of
the European Monetary’ System,
but the D-mark replaced the
Danish krone at the bottom,
after the collapse of Germany’s
coalition government. On the
other hand the D-mark was very
firm against the dollar and
sterling on Friday.

Gold traded fairly steadily
after the previous week's sharp
movements. It fell $13 to
S44 1-442.

UKt 1.7060-1.7176 1-7125-1.7135 0.03-0.13C die
Ireland! 1.3820-1.3720 1.3650-1.3670 0.46-0.35c pm
Canada 1.2325-1.2345 1.2330-1.2335 0.20-0.23e die
Nethlnd. 2.7260-2.7410 2-7330-2.7370 0.87-0. 77c pm
Belgium 47.90-48.20 48.04-48.06 2-4c die

Denmark 8.7900-8.8375 88850-8.8950 SV-SVoi* dis
V/. Ger. 2.4880-2,5090 2.4S8S-2.4S96 O-85-O.SOpf pm
Portugal 87.00-87.50 87.20-87.60 95-Z30e die

Spain 112.60-113.40 112.60-112.80 65-75C die
Italy 1.402-1.411*, 1.407V1.408V 8>«-9>j lire dll

Norway

France

Sweden

Japan

Austria

Swiu.

fe. 9225-6 9500 6.9225-B.3326 0.80-1 .20ore die -1.73 4.00-4.404 la -2.42
7,0400-7.0850 7.0675-7.0725 3.30-3 JOadim -8-02 12V13Wie -7.21
6.2150-8.240 0 6.2150-6.2250 1.7S-1.95ore die -3.56 4.85-5.06dls -3.77

262.20-284.88 282-70-262.80 1.05-0.90* pm
17.5ZV17.69 17.S2V17-534 S4-4»igre pm
2.1210-2. 1380 2.1320-2.1530 1.40-1 .32c pm

c. 2.1210-2.1380 2.1320-2.1330 1.40-1 -32c pm 7.85 4.28-4.18 pm

t UK end Ireland are quoted in U.S. currency^ . Forward premiums and
discounts apply to the U S. dollar and not to the individual currency.
Belgian rate is fur convertible Irenes. Financial franc 48.80-43.90.

THE POUND SPOT AND FORWARD

Sept 17

U.S.

Canada

NcMnd.

Belgium

Three

p.a. month!

1.7060-1.7175 1.7125-1.7135 0.08-0- 13c dis
2.1060-2.1160 2.1120-2.1130 0.47-0.57C dil
Nohind. 4.664-4.704 4.69-4.70 1V4c pm

Belgium 82.05-82.55 82.30-82.40 4-14c dis

Denmark 15.04-15.18 15.05-15.07 164-184ore dr

Ireland 1J506-1.2595 1-2540-1.2550 0.37-0.51 p dis
W. Ger. 4.26-4.30 4JZ74-4JSV 1'.-4pf pm

Portugal 148.00-150.00 149.2S-149.75 165-405e die

0.08-0. 13c dis —0.73 0.50-0.60dis

O.47-0.57C dis -2.95 1.3E-1.45dis

1V4fi pm 2A7 3»r3 pm

4-14e dis -1.31 34-44 dis

164- 184ora dis -13.79 324-42'rflis

0. 37-0-51 p dis -4.21 1.29-1 .44dis

1*,-4pfpm 3.15 34-34 pm

165- 405C dis . -22*8 386-1075dl» -

100-1 35c dis -7.30 435-930 dis

16-18 lire dis -8.21 544-594dis

1V34oredrs -2.52 10> r 114dis

5 4-8 4c dis -7.19 234-274dls

3*r44ore dis -4.21 114-12 dis

1. «M.2Qy pm 3*8 3.80-3.60 pm

8-5gro pm 2.59 204-164 pm

24-14® Pm 6.98 64-64 pm

132.75-194.00 193.15-183 35 100-l3Bc dis -7.30 435-530 dis

2*04-2*15 2*114-2*13*, 16-18 lire dis -8.21 644-584dis

ay 11-84-11.90 11.89-11.90 14-340TS dis -2.52 10> r 114dis

a 12.05-12.12 12.094-12-114 54-8\c dis -7.19 234-274dls

an 10.64-10.69 10^7Via684 3*r44ore dis -4 .21 114-12 die

l 448-453 <50-451 1.40-1.20y pm 3L46 3.80-3.60 pn

ts 29.96-30.20 30.07-30.12 8-6gro pm 2.59 204-164 pm

u 3.63*^3.664 3.65-3.66 24-1 ’»C pm 6S8 64-54 pm

Beffeisn rate is for convertible franca. Financial franc 85.3S-85.45.
Six. month forward dollar 1.52-1 .62c dis. 12-mo'nth 3. 50-3. 65c dis.

Close -6441 442

Opening-. . 6445 446
Morning fixing. 6445-50
Afternoon Fixing. 6441-50

Gold Bullion {fine ounce!

(£2574-2581 6447-448 (£363-262 lit

<£25912 360, S443U-444*? i£260'i-260»«)

(£260.0311 ; 6447.25 .-£363.0401

|£257.B1D, 3448.50 (£265.050,

FORWARD RATES AGAINST STERLING.

Spot 1 month 3 month 6 month 12 month

Dollar 1.7130 1.7140 1.7185 1.7287 . 1.7487

O-MarV 4.2825 4.ZB1Z 4.2787 ’ 4.2266 ‘ 4.173B

French Frane — 12.1050 12.1775 12.3600 12.60S0 —

Swiss Franc 3.8550 ' 3.6333 3.6S37 3.5485 3-4580

Japanese Yen 450-5 449.2 446.7 443.0 436.17

EMS EUROPEAN CURRENCY. UNIT RATES

Gold Coins Sept 17

Krugrnd 8449 451 (E262U-26341

>3 Krug 8234*4-23611 i£336ij.l37 Uj
UKrug Sll9*c 120*2 (£69V70Uj
1.-10 Krug S48 Vi-49 S* t£28l = -29i
Maple lea 5451-453 (£263 4-264*9)

Now Sov Sl04*z-103*3 .£61-61*?*

** Now SovS61*g-63*c (36-37*

OTHER CURRENCIES

King Sov
Victoria Sov
French 20s
50 pesos Max
100 Cor. Aust
820 Eagles

S 10 < * 3-106 (£ 61 - 61 ^ 1 *
810413-106 (£ 6 X- 6 i 3 «t
86954-92 (£ 58 * 3 - 535*1

$535*a-SW£S06»4-51 1 s j)
842643 ti2(£2«54-252l
$470-480 (£274*n-280l<)

Currency ■. change
ECU amounts from 7. change

central - against ECU central adjusted for
rates September 17 rate divergence

Bolgian Franc ... 44T97M 45^2596 +0.64 + 0.50‘

Danish Krone ... 8. 23400 8.29869 +0.79 +0.65

German D-Mark 2J3379 2JS420 +0.87 +0.73

French Franc ... 6. 6138 7 6.65259 +0.53 +0.4S

Dutch Guilder ... 2STSR1 2.57471 —0.19 — n rt

Irish Punt 0691011 0.88S868 -0.W -0J3

Italian Lira 135027 1324J0 -131 -151

Changes are for ECU. therefore positive chSnge denotes a
weak currency. Adjustment calculated by Financial Timas-

CURRENCY MOVEMENTS CURRENCY RATES

Argentina Peso.. :
AustrsliaDoller.. •
Brazil Cruzeiro...
Finland Markka..
Greek Drachme.. 1
Hong Kong Dollar

IranRial

KuwsitDinanKD'
Luxembourg Fr..
Malaysia Dollar ..
New Zealand Dir.
Saudi Arab. Riyal
Singapore Dollar
Sth .African Rand
U.A.E. Dirham. .

4 6.624 1
1.7865-1.7885
345.50 546.50
B.1995-SJ400
119.3I1-1S3.S63
1 0.4 OB 10.42 B
145.90*
0.49B-0.499

82.30-62.40
4.054.04
2.3570-2.5700
5.8925-5.8995
3.7060-3.7160
1.972 5. 1.9740
6.2900^975

27.260 < '

! 1.0430-1.0435!
: ZO 1.28-202. 29 1
4.80004.8020 1
70JC-70.70 ■
6.08-6.09
85.25- '
O.C9 1 16-0 J1S126 '
48.04-48.06
3.354C 2.5590
.1.3800-1.5815
'3.4390-3,4410 •
Z. 1650-2, 17QQ ;
1.1515-1.1525 .
, 3.6710-3.6730 !

Austria

Belgium

Denmark .... ..

Franea

Germany

Italy

Japan

Netherlands..

Norway

Portugal

Spain

Sweden

Switzerland .
United States
Yugoslavia.. ..

I 24.99-30.25
I 85.60-85.60
15,12-15.27
12.05-12.20
4.26-4.30
2375-2415
451456
4.66*1 -4.70 s * •
11.82-11.92
. 146-165

i 1881? -200*1
' 10.6Z10.7Z
: 3.62 S-3.fi 6 s *.

I 1.70-1.72
' 108135

Bank of Morgan
England Guaranty
Index Changeife

Sterling !

U.S. dollar..... '

Canadian dollar,...

Austrian schilling..'

Belgian frane

Danish kroner

Deutsche mark.... -

Swiss franc '

Guilder

French frane

Ura.

Yen

91.6 ;
122.1 '
90.1 :
117.5

94.5 1
80.9

135.4
145.7 i
117.3
72.8 r

53.5 ;
129.9 :

t Rata shown lor Argentine is commorclal. Financial rets 65.627-66.667 against
starling 33.950-S3.000 against dollar. * Selling rate.

EXCHANGE CROSS RATES

Based on trad* weighted changes from
Washington agmaraant Dtewnber 1971.
Bank of England index (base average
1975-100).

Bank Special European
Sept. 17 rata Drawing Currency
% Rights Units

Starling. ) - ; 0.63 1562 : 0.549919

U.S.S I 10 U17896 I 0.940562

Canadian SJ13742. ' 1.16041

Austna Sch, 6 s * 1B.9S41 16J516

Belgian F. . 12*® B1J411 -45.2596
Danish Kr....| 11 j 9.48489 I 8.29869

D mark. 7 2.69902 l 2J5420

Guilder | x ' 2.S5581 ! 2.57471

French F.,...; gig 7.62823 ! 6.65259

Lira 18 .1519.72 1324.50

Yen SW 283 J27 247.785

Norwgn. Kr, 9 7.46600.. 6.53081

Spanish Pts. 8 :121.803 ' 106,167

Swedish Kr.. 10

8.72624 i
2.50088 I

Greek Dr’eh 20 *t -76^198 I 66,80;
"CS/SOR rata for Sept 16; 1.32934

Sept- W | Pound St 1 ding l Uj. Dollar ( Deutsohem'kjJapaneaeYaiuFranclTFrauvSSWles Franc \ Dutch QulttTj Italian Ura

Pound SterUng
UJt. Dollar

Deutschsmark
Japanese Yen LOOQ

French Franc 10

Swiss Franc

Dutch Guilder
Its 1 lan Ura 1.000

Canadian Dollar

Belgian Franc 100

It Three Y.

p.a. months pj.
-0.73 0.50-0. BOdis -1.28
- 3.52 1.10-1.00 pm 3JW
-2J» 0.43-0.47dis -1.46
3.59 2S2-2.72 pm 4.04
-0.75 6-9 die -0.62
-12.68 15V1fiMis -7.36
3.98 2.76-2.71 pm 4-38
-22-32 200-fiOOdla -18-32
-7.45 265-295 dis -9.93
-7.67 29-30*, dis -8-46

4.45 3.15-3.00 pm 4.68
3.41 17V15 pm 3.70
7.65 4.28-4.18 pm 7.81

Cenfed (ratten Funds Mgt Ltd. ts)
KLCteneeryUntWCaiHE. - 0-2420282
Growth F«* W>J 4L8 424

29

"N

Financial Times Holiday September 20 1982

INSURANCES *’*'

i 1 !

Ahkty Uft-Aumme Ct. Ltd. 6 )

13 SC Pwtr*Ctm%ani EC4P4&X. (H-2489111

- ■

^^hgpunSznr isl© #r 1 iS z/

Monrr Fired : IMS «!_ .-

gSBt^p. m- z

S»onw5fT.« iss . 5SS.Z; - . .._ . . ..• ,

Cnra. S it. a ..■ 15flj0 1M jt _j. ■ 'CMttkr laonKtHC

• jfftl “•• -TowiiiftJB-wttvaiiroMtoi V wi i a

SsEfef 1-5 = z .

P SS£ eST 7 — Iff ■ I£§;£5 '.Z' 'MI Mir hmJWW tow.. -

SlWnMm.-kt - EfivtiAieeitoSt, ECft OMBBfiM

pSSSJsSSStSr- ^“3“ z . ;‘ W3l^Sr3a.

tes ta F Stdlit^- IjS| i| . ; z pft Z J . —

INSURANCE & OVERSEAS MANAGED FUNDS

— - •— " lUt toar. Co. ■rP —nr h an t* •'

- — , ***!«. CbatfaJtalQta. rtvduwMZMB.
-■,1 UfiOPUatt^; pzs 13151 r— .

- mm.- . “*

...» . UKEfedtief

**mt Ufe tomnaCa. Ltd. ■■; ■ {SSl^SiL
31, OtdOwflngtsnStvWX ._• 01-4375962 SSSTffJSS?

f ?f = -£9

+i3 -r : <&££?£#

EqWWffcft*.
RraflnLArc.
Csd. MoaeyFttA
btl.U 3 o.Fd.Aa
bO- Fut. IK. FA

tr.'.y-

Imr.

*l|

M^pfe Iik. , _
Etafy PeaFiLAcC
Rwfi.PeaAce
Gld-Moo.
hnLMa.Pi. _

PM».P(HtK?±.

MpfeJm-.ReaJta:

AMEV Life An
2-ft Prince of Wok*

fflgEr

FiM^iiAn.
Property Fit .
“^•^"qrdlVn.

’PemfonFd.

. Pm. H
H ighVteld Peas-Pd.

Monqr Pmsfon Fd

Property Pension Fd.

AMEV 7 FRn*Ktei

AmencawJUSi.FiL.|

rSH} '“ : Equity A Lw (Mraitf PM

** | AmmImi OmiI KIIiMi Ulwndia

~,li — -I '■^ I HW 1 WH| 1 If# ■ vijmoIU. ■

&\.z S£S£:g!£szi8& : M
rzjz Jtaj£|£^dpS

■3H* SKfeil -fl

M1UL
‘ -PW* 33377

ML Smith F
Capital Fond ,
Raaway Fun

Barclays Ufa tour. Co. Lbt
252RomfredHtL,E7
Barclaytandi

Da Initial

g?S5S!^

£X!-*!r.

00h5M5S44.

Hswldi Utaoa Insurance Snap ■* -
F0£ar<fc NerMchNR13N&. 060322200

Barcbys Unicorn In te r natio nal
1 , CMvfau Crass, St Hefler, Jcrrey-

Htefcfsj' |f'

rBa y-T RSH jgj

MutLii£i?Sm.''-nau $gft
IIBxndt -_.{l»5 513 ,

.«,.u*W®5 I ‘Sb 14 1

Sfaattwri Life Ascwance Caa W UntoUm-Tim

Z 3Sflw?eSt, &8nbwKiEH2ZXZ. <SU957OTL tt gwndT rag

« Managed 154.7 JUN-lft — JrEKSS*,

-■ as * — =m BBflfc 1

ii SiMii o ua iZ- — wfto i §§1|3iS — SS-EfiMS*

Fteedlntere* MOJ- 3fi!l *$fl — 52-iS-iPSS?

Cross, a. Hefler, Jen*. _ '** *■»***

nrjfnnt jf&l £00 ffantmi Padflc Fund Msmt Ltd.

Cwun r iH e Muigcaart LMM . .

P.0 B«73iS*.M*Bw,J«W-. 0534 73933

Guinness Mahon Int Fund (Guernsey)

FO Bqx 1B& 5L Pefcr Port. Bmrmn. (MSI ,23506.
USS Price. — !S?'S ^ .JS

£StnflneEu*ol«iHkll32 U.J| -.-.J

S.D.R. Eqataine ~JpSL 937

Pitts u ScpL 1& Mwi deBuf to »

C*dr..^_

PentiM yuiaatd

PtndMiPtapert y^^.

Pension Fat I nL™..
Pwwlen t n dw Utpetl
Pasta Casa

LTbsoaiSt. taafk. igsefl

pofcfflm Auk. £;t K.9

Da. AML OHn. 47J

DO. Qrtr. PactOc 11L2

Da Ml. tnoomr. ST

Do. hrie oT Mm T«, ... «, ?

Da Manx Mutual S3

ZUO, ComaaoM

§T SwmFuri^lT'l!^ TW-Ody Z

n«N Z.3 ^

Too fbmbras Fd. Mgn. (CX) Ltd.

9.7 PlXEtattc

Z Part Assurance (Una Funds) Ltd.

— . 252 Klgfa ^oo, W^TC B. '• QL4Q5B44L

LM» -F 5 HfJSl

I Ms hP USBat e Co mu i mB ty Sa-. Ltd.
PJJ.Bo»«. Dooobt IaM. 0624-23911

ARMAS'S

COUNT'*

CAMRHO** ..

MAPSA* Aua .

OriflMM

C«luaRnanKFd.t.

ETFiaid—

Special Sts.
aarilne Income FaU*.
Dollar bcome Rind^
ML Til

0481-26521

M=d B

Oucrt Fttnd Man. (Jcnqr) Ltd-

PA Sox 194, Sl Hefler, Jew- 0SSWW1.

Onfltai/HataM CamnwAfa
31-A5, Gmluen Street. EC2V 7LH. 01-M0«177
Re$c. Fd InL £M L..pL5*J5 A *C0| —4 1M
Nea osMna nse Oa. L

RBC inwtm e nt Managm Limited
PO Sot 24(^ SL Peter Port, Suemrey. 04S1-2302L

1 ml. Income Fd. — 4 —

IntL Capital Fd BOa 1105d ..™J —

NortitAmericaFd™Jp 2 B *Ji\ .Z4 —

MmmbcM LM.

P.0, fix. 1549, Hmftn. Bwmd*. (809-29)2-7979
Rambco SepL £«___[HL 8 & 91S .—4 —

red '-a. *k*t <*L <

Int SigL'B’ „

Cilltoi Ao. Fn4 ’A

Bridge MauaBtaM n t i*L- GMta MfcRa ri-g

GPO Box 590. Hoag Koog tEactaesWUl

K^A?gg."tv-L fflAK J - J vw i b nd eiw n Admin, ft Man. (Goenaqi)
Nqvoh Fd S«ot. lb _|ia57 19JQ — 1 136 7 ,^ 5 ^ 5 ^ p^-PB* Guernsey 048126541

Brttanb IntL imrerfnrent Mi^JJA S3 id Z

US. DaRre oeatHN
Am. Soafla-Q&Fd.

Gold Fuad*

StaSessHa:'

Mi _4 .Ufa*. SepL 20.

_«M 10151 .._.J -

durge an rel (Men.

_J — Mmnh Aaa r ua Co. Ltd. - .

— — 45KtogUflnanSL > EC4P4KR. 0t«369B76

— “ - WmfUiAss. — M93 BU J.-

— ' Z ■- EWf- Ph-Ea-F P4A ia« — - J. — -

— z SSaSvS^w^SoLSaP^n^tMS ‘ mSSS SCIZZI

E: Wfc® B|=d-=-SB&

-r- r- M»P«CapRuJmf Z3 -

Group •■»; z

T &.3 i — Sun Life «f ctoda (UK) Ltd.

9M — ] — 2L34.CodapurSe..SWlY5BH 01-9305400

Rktonond Life Ass. Ltd.
4HdtSucet.0aniMl.0-M. 062423714

CotaTrnS 132.7 B.W ... . —

Diamond Bond „^„.,Wi7 .7Z5 - . —

Gold Bond H510 37Z5 +9.7j —

m :::: S«

-- - - - nun TlbS .... —

Amrioti inuBbnreU-
AmtratoPC rf.RLB
FarEanFadtad
FintSteiibal

U*71 —4 —

Ltd.

>444458721

7 Here a, 5LPHW Pan, Guernsey 048126541/2
Ameian iUS cr»*$) [ 12 *f JJ 0 .TJ ._.j —

HadMMi Baring Group

SOL Glaoeestar Town-. 11. Pfddw a. (tag Hoag.

tmniar ELC 7 .«-OOB —

Jaoan t ech E5S ^-13 ~~

Japan Fond— BM-QS7 —

KSreF?.ZZZ!iEa4M ll 6 ^ i-—

Bond Fd. SKL541 10.859 -ASS U-Q5

. VlfceUy (Mb*.

Hid-Samaal ft Co. (Guenwey) Ltd.

8 LeFebm St, SL Peter Port Guitreur, C.I.

Guernsey Tst_____J227.4 23S9 -L7| 3Xt

ra «

IbspbSB

RothRMU Asset M a rage m cnt (C-L)

PA Boc 5ft SL Jutea 0. Guernsey. 0481-2674L
OC. America Pd.*__ B235 „£«! J OK)

O.C.SmCa— -1 |2“ f

333rl r.“:l iw

TOi-ZJ -

382j|zd Z

f -Z — UK^Str

“ Z » nb"Mta lftiM>^j im+u* - sw Lite Unit Assurance Ltd. -
z: — Prop. EqaRy ft Ufa to Cft. - 307, Qwsfde. bwton, EC 2 v 6 ou. azrz^n 5» ^ 55 ;

— 42 HcuxfcffltttL Laoctm EOA ZAY 01-6211X84 M reagM Cap H92J> 20121 -LM —

IZ Z ; R-MkPrefrSond— | «72 ,r_4-

— - Property Growth Assor. Cu. Ltd. - ~

— Uon tto nse, Croydon CR9 1LU. 0X6800606

8 ^3 — 1 Asaicuiarinri c pupppi 1 y . g limdBa A'tteen ft Mtta. fan. As*ur. Ud. pSSt^IEZ 7— . —

— z - K 9 Kbpyny, U^taWZfl 6 HF. ^(H-404(TO Mi — Z

•z; ■ - tetL IMnwdBoncL.P51.T 35904.: — I — ‘Asset BriMa* PM 59J1 i — SgSiSLFSreZZ &L9 ~ -

ZlJ i-. Gdnarol PartfMte Ufa 1 las. CL Ltd. Loudon lodmwHy ft GnL-lm. Col LM mj — —

Cnniaookat.iaMtxmt.Huti. MAUdmXSL9fl 18-20, The Fortwy,AeadDi 9 -• 583511. inrear nent FUre| (A) .-3003 .—

:ees= i;

Z .-SSatSfitfiaH Z - Ijjjejifc Unfcedjtour. M. ■ H Z

m3H z P.O. BOX 63, Jersey.

. • • UK EnWsia fcj

ggigRSKF a

nn^ea fu n - lojl d un.

Brown SHpiey Tsfc. Co. (Jersey) Ltd.

P.a.Box 583. St Hefier. Jersey- 053474777 patacedtreF^rd)

&!Z r-mp

LOO g LfFebm St, SL Peter Port Guenaar. C.I.
GuwrwyTstZ— J22J.4 23S9 -L7| itt

HOI Sanarel Investment MgmL IntnL
X90 „„ , 053476029

_ _

m :::::j ^

~ 0 ,C. Mwronaroi Bteenre* Ussdted _ •
Bet Francs (FKfmg Italian Ura. — JJ.4JJ

Canadian 5 j B/ffi SlnoreoreS — | SflGK

MW. ««5 CSterHno — 13168

Dutch G*3irirr_.| 41*8 Sajs Francs _LT]

French Francs 137255 U.S3 l ?70^3

‘Prices n Snx 7 . Not drallro 5 nd A.

‘Prices on Sew 30. Mrn.DWJmq Sryc ia.

•MJaBy deWbgs. —ScW 3CL Ned oeaEng Sepi 15.

Save ft Prosger Intenathmal

DnUoq (o

PJ). Bu 73, SL KfOer, Jersey 053473933

Dereachmfc Bd~t .1944
Dilr. Fed lflL*"i &«

Imrantl. Gr.*t — W -46.

Far Eastern** BM40

North American** — B57SI

Seprot KS50

C— i fc Made

Commotity-**** HB 6

GWd ra w*** * BU-47

Maft tam ucy Bocrec^rett

Btozzzzdffl

M 7 J R.— -* “ HK Fund Manager* (Jersey) Ltd.

ibrrt^fMri liom — M i Cn. im (kieem Use, Dsn B4 St He«er. Cl. 053471460

POBwlW, HK Gilt Fired Ud 1303.0 107 Ji — fliBOW

B uttress Egacy KS*> *SI -*-| 1-C. Trust Managers Ltd.

«* 2 ^nrr' 4 ^ IQ, Sl Greargr* SL, DouglA (oM 0624 25015
Prices re Swa 7 . He* wh «*> Ocl 4. iilc™Se*Td.lW2 __ 94ft —4 -

CAL Investments (loM) UtL • tot ^ 9 “° 3 ** ,

16, Sf. Getws St, Dooote. IDU. 0624 2Sm IGF Management Service* Inc.,

LaudM LBe Udred tour. Ltd.

FUnTWercst

Income FdZ
Extra Income
Worldwide GriMh

BasancedKs 1

Smtr Co s & Recv J^d.

ifTXTi

™p

— e—u. f Car Iih-i ^ g( ^iw 1 0Q, Te xnaic St, EMsM, BS1 6EA. 0272-279179

— Z *• Aft London FkaABdrensa, El 6 EU 0137713221 g gS tLi^r - — ~"Raf? - B>fl- 1 Z

— floftAeftarae 1 - 1 »» - 1 — 1 '— ftm*S__ZZZna9 SS3 Zj —

” interWLGoM Rav) — I93J3 94.971 .._4 291

_ _■ H.V. lntertrehecr

PO- H« 17ft 3211 Groeval?. W&W22 %62«» E^^aWfaSttllDmW — '1-429 278
ffiSZZIZZ^^ Zij Z interaatfonal Bond Trait

idcSc&Aca-J
Soper Fd 1

Ml Auer. 6 Geo. Fd .01708 11289 I — WWnjHH* KBy« UOH

' j : gtpal Exctansire, EXJ .

hqretFllaidb. (2982

Canada Ufa Aunance Col SEJS fei ff

2 - 6 , High St, Plotters Bar, Herts. P. Bar 51122 STgELT ” 1

Faity&h. Sept 2—1 77.7 I J

RtwCred. Sejtt7_r lTftOO | ,Z| — . Da rr _

‘ Ftaedlm.

Canada Ufa Assurance C« sf G. Britain Ootoao.

26 High SL pwtm Bar. Herts. P. Bar 51122

vtSI H “ Pm

Ssa5?£?L® Sdz S-

P. Bar 51122 E^SS a ‘

■I I IAL BLLUIIL

Is

PacilrcBasiflFaqd

Eaaty Gih. Sept 2 |

Rtmt. Fed. 5e»7 |

Cannon As suranc e Ltd. P . „ ..

1 Otympic Wjtf, WemWey HA9 ONB. 01-902 8876 S BSBEJ g

^zzfKJ^ Z .

Sar 3108 — PentfE

Prep. BoodlExec.. ZjLIq ... .. — - Peat Flxnd laLAoc

^d|EreeflJnlt_.^S- WM -OIS - SSSRudS^

get»w h.B«ri !iw JMI Pem. 61 tT.Acc.

pSS*I&: - -- - <w -• to Prep. WU

teSfflirz.®.-. as z- ^sSiS^

2ndEqaRy 139.4 147* 32 — P^tV^VL

2nd Pnreefty 166.4 .Jft3 Lcptn. rex.

J5M -K2 “ Huntaro Life An

iriGM^ZlZ ini ^2 3}i — : 7 Old P a* time, Lao

2 MLAiWftta»— 1342 4(15 — PhwdM.

2nd IntL Money 123J> 13ft§ — EgalQo.

2nd Index B.l . 985 .,.. — P«)pWty

auesnOL

ta=

_ WbsJade Park; Exeter EX5 IDS.
lmett.Ttt.Fd. Cap.

— hunt. tSTfu. Acc.

. — Property Fdnd Cap.

*— . Property Fund Acc.

— RexSde Rod Cap.

: =|B

=

^ilisfe

■53 ■

t -. Providence. Cajdtal Life Assc. Co. Ltd. Mao. -Fund
30 Uafaridga Road, W128PG. ‘ 01-7499111 toFmd

tatt Wt FA — 1473 soft -031 — Mm.Fd.fc

Z P^ro Fai.

Cap.

■*“ Z Pens. Cash Acc—^,

■■— ■ PenL InlnL Cap.

Pens- Intid. Acc

_ Pens. Amnion Cap-

_ Pens. American Acc.,

■ — Pens. Fre-Esfrn. Cap.

j — Pens. Far Estm-Acc-

iS| Z Target Ufa Asumnca Cn. Lhf.
^ Z ^ ^ GatMome

CO. Ltd. S&FUM

Capital Amt Managers Ltd. ■ cisANAVSeptl

Berasda Hs«, SL-JuHws Aw, SL Pete* Port. CIsBNAVScpll
GueotseyCT 048126&B IAm- i«i

The CuncflqrTnatL- 186.00 90.001 | 111

. P.O. Bax R237.

Capital InterrsaHwud Food SLA. Jaroiio Enutty Ts

Capital Int- Food 1 524.09 i .—4 — n«t idemakn

Cfc arta rfsBuia Japfcat •** STSrenE'jiS

1 Pwammter Rare, EC4 01-2483999 SentagThc

3323 ] zrl Jm Imfcta Invest

Prices at Aug 31. Next sub day Sept 35. 1 Char kig Croc;, i

Cf iir tei h o uia Japhtt Canrancy Mngt Ltd. &[t SSS£ fJUS
Bonnet Hse,SLttefier. Jersey- 053474689:. • : ■ .

International Bond Trait
2 BoWevsrd Royal. Lntentiosrg
Cl* A NAV Sept 17-1. • W »« I+ttOS —

Cls B NAV ScW 17 _| . 510-43 1+003 —

Intemathuial PacHtc Imr. MgmL Ltd.
P.0. Bax R237, 5ft Pitt 51, Sydney, to
JaroUa Equity Ttt. —IAS333 3A9 .._J 7ft)

Investment Advlsars, Inc.

First IrteraattoKri Plaza, Itaoton Texas.
FlnooXc luauJL'Fd. —I ' GP
UK Agate -Jam Flriw Tel: 041-204 1321 or
Sl2^Tton«s a5* Tel: 01-247 B46L

ii dw ia U enaiRt Acc.

■~z •— Capital Cwth. Fd. _

__ m, Bnnmzr rsw

-• Exempt Uh-TsL.

Exempt Praperiy

“ Huntaro Ufa AmranCU.PJJGL -. ■ jJijir^-ire.eraHrt 222BMHpsgtte,EC2

Z = - TOM Walt Lane, Loodoa WlYftJ. 0Jr499tXHl ' IJSSSHmSSSuSs.*^ WJIZm ^ - M« 5^— — &

Ftexftle 12075 I

»to Brice vdawnmnd

ftQGronp

JjA 3

mtotottumr- For otter Fro* md

liHlj _ U.K. Equity Fd.

Ltd. let. Equity Fd. Inc

InL Endty Fd. InL

z te.PjreiAc.Pen —

te.PbnCap.tec.
Z Mm. Pen. Fd. Acc.

Maa Pen. Fd. Cap.
“ Gilt Pen. Fd. ftcc..—

QHPen Fd. Cap — _
Prop, Pro. Fd. Arc — .
PKu.Ptro.Fd. Cap.
Guar.-Pen. Fd. Acc.
” . Guar, tec FA Cap. .

” tndex-L Pet Fd. Cap

lixtec-L. Pro Fd. Aoc.

iggo. OonoelHML,SL-<tefler, Jersey. I

— faiW Auto ftairewy FMs lid.

Z list , - ■■■■' ' 10.61 +

_ £ Sterling 10.77 +

D Maris, 41.41 +

■ Sw Francs <036 •

— Fr Francs 108.90 +

— SOU’S 26533 +

aw Sternberg Thvnas Caw Td: tn-asT B46L

&M Imfcta Investmort Man agu n en t

1 Dark* Cross. SL Hefter, Jersey. 053473741.

ud. asssa=KP Sa=iiM

Sw Francs 4036 ’ T — J.F. Japan Technolcar.

Fr Francs 108.90 UflJW — J.F. Eastern Tst

SOU’S 26533 l+Qftl — Da tAecwn.)

j. f. Pac. Secs. ili£)

Chawtan Cananodities (Isle of Mu) Ud. Da (Acewn.)

29, AIM Street, Douglas, IJS.M. OEM 21724 J.F. WiiLTst.

torow» Metal Trast. 10J765 13437J — J 400

Janfine Ftorring ft Co. LhL
a«h now, Comato- Centre, Hong Kbog
J. F. Japan Ta

- L90

sT^wJi — * I161.D 16L3ol *011 115

Schroder MngL Services (Jeney) Ltd.

P.O. Bon 195. SLHcner, Jersey. 0534.27561 -

J. Henry Schroder Wdgg ft Ctt Ltd."

120, ChropsUft EC2. 01-583 ODOO.

Am. la M. SeptS WJM — I — 4 210

“"eS-g"

fistisgfcaLJfi-S &

Trttaigar Fd. to 3l” S 201 K J_. 5 -. 4 _ —

Schrader Unit Trast Mgrs. int Ltd.

Box 273 SL Peicr Port. Guernsey. 048128750

^KSfczii "if z:: If

kfsatasa=m ifflz fl

* Equity B93 94ft 11S

Sdvoder Ufa AroavaH loL Ltd. ,

^r^azfe Mda

fScq MSeptettier 15. Next neriingSroL 22.
Scxtangeoar Kenzp-G« MngmL. Jersey
l,Ghuing Cites St HeOer, Jersey. 0534 73741.
SXGCaallal Fund —[MU U6.9 — f — .

SKG Inxxne Fund— p2_9 54Jb| J 8JI

Wit Bond [1*0.6 • 14U1 _.J —

317ft ZJJ -

Provincial Ufa Anatuc e Co. Ltd.

2nd Prp. Pens/Atr 20L8 Z15.il

2nd Ugd. tea'Ace- 1790 1B9.4

2nd Oup. Pecs/ Acc 170.0- 179.4

Gill Fens/Acc MS ' ml!

2nd Am. Peni/Anc 1514 Sft2

Zncfint K cpwPbb i Adc I39LZ - 3473
2nd Index Ptul/mgc. 93.6 99.0

LAES.I.F- 62.0 . 6 S3

LftES.LF.2_. 42.fi - 443)

Current v*» Sept 16.

Caiufai Ufa teuM w e f

Copiston Hoosr-, Chapri Ash VITtcxv.

- ,Z _ GOtEdgM

— American Acc.
+CA — PeaF.UJep.Cap

-ftl — PeoRLDt

■■ -*• Pen# ■ *W.

Pea Pk*u
_ . Pea Maa Cap

,r~r . . - pea Hn ‘

■ - toft

Rea

pza

■MHBr!

KJSSbdH WizJz

Oneflabi Asmuancc Funds

11 New Street, EC2M4TF:
Managed Growth.

Managed Income
Mrrrealiwal tel
Midi laconre__—
lncwrr>*GrowUi_

Basic Resources
AraaricanU)...,

Fnr Eastern til
Cash

„ llau ti oMfate Benaftt tiaefafy •

rngorm UftlQng^ltota,WC2B6NF aXr4M0999

xSa =:

Z Hend er son Ad ml iili fiitt an
^ Z 11 Austin Frtaro, Londwv EC2. 01*5883622

. — ' Hta tacodre Fd. ' “ ”

** =■ SmaL.

ii

ilifi

m

natural

Ciiy of tffestnftretar'AsaurancB ... %£?££££

stj« par-

w.. pi^. — Wi fi-i SS3if£Sfnir"

te' lrayl'H m3 H3H Saoanei Ufa Aasair. Ud.

WSt . Iceej ^71 ml HLATwr^Addtan*eHa.C«y.

Bbdt Gold FftZ___t74T ^wttyRmd

PULA Fund — WftO 245.| ^. ; .J 34.® BfflWU,

SoaFratv Unite Kj, ffi.T! *.7 Merouonal Rmd

Sec FW (hot Fond..l3V.I 228ft ,~i 2U.1 Doto FtoZ.

Fired cumretly Owed ft new Uwettmei. Capital Fund

Perform UaitsLu. — J; *11 „I....J —

Fw Protlon ton |dmr phone 0908 IJHm
Senes £' Prices are for soheta feared altar 113 WO.

Sen» 4) There are 6U prices for write , K

Mrenqod Series C

Clerical MnBcal Managed nu*Uft m *£-8^

15. U James's 54 , SW1V4LQ. 01-930 5474

Ml

tndexeoSr-; . FO- —

Commercial Union Braun _■ £ESfS" Fw- ‘ , '" i “

Sl. Krlsn\ 1 Undmhaft, EC3. 01*3837500 farEW

Vr. Acc Set* ML — l-LM . SmaUgrCM.

Vr. Am. SepL 17__.__IZ7.9f _ - 1-4^ -• Sgo^l^nd-

-|[inl in i ff |iini ‘r red Q w * men^. trow, mum

ESisss==^^r4 =. asfeg

£Ka-as^Jsi m -1- sssfe

■■■■■■ ■■ SSSSte— mj.;

Cenfedenthm Ufa tomm Co. GB«j««rto —

50, Chancery Lane, Vy^VlHE. ^-aCOaK EqtffyA m. fig-g

Property Fund 1667

Equity Fund 1 W

Fxd. InL Food 1519

International 965

Htfi Income 102 .1

Far East 93.8

Horth Amnicaa liftl

< fn»rial«Jn lfW ■;

TeSnokw 1U-5 .

.Managed Pens. Att— 1416 .

DiK'airt Pens. Ate. _. J2Sli
Property Pans. Acc. _ 1317 -

• Fix. Int- Pens. Arr 146.6

Tgolt>Pais.Aix._ !49A

to Cartel Unit and Otter Prices ring m

PradeotW P en s! o n e LtanKed
Hanxm Bars, EC1N 2NH. 01

«:

Fused InL Sept 15 gftt 3SQJ ..

Da (Acorn.)

J.F.SJLA..

OaiAccnm)

J.F. PM1

CorohM Ins. (Giwmcy) Lt«L _ _

P.0. Bn 157, SL Peter Pori, Guernsey Jto fcSdft&T'

Intnl. MaaFd. [2250 245.01 — 4 - AusttoaTsL _

MAV Septentwr 13. Nat dtong Samba ».

Cortexa IntauaUanal London Agents: R*L Fteresg & Co. Tel: U1Z83 2400

UftBoiAwd ifewaOjBDorodterg. Leopold Joseph ft Sons (Guernsey)

cortexafotad: |S7958 - HUS - Hlmri Ct.SL Peter Port, C**«reer. 04BL2664a

Cnl pmauu t fixed hit. Mngn. (Jersey) LJ. sterling Fund_. [£15.44 1545| — J —

P.O. Bov 195 SL HeBer. Jersey. (B3427SU. LJ A S Cwarogr tad -

OH Fluid ve JUg — J Telephooe Mreager hr tstest prices.

- 220
Z EM

— Zli 5ft)

. Sterling Fund,

U_S_ Ddlar Fund
Swiss Franc Fired
Deutsche Marit Fund.
Yen Fwid _______

. . _ „ . . Kletanvart Besson Group

DWS Deutsche Get. P, Wertpaplenp a>.Fe«*urehSL.EC3L

Gni ™ :t,,,n, * e8 ^ Guernsey Inc. N67, M 6 J

liwtsia — .pnoao 39.75140251 — DaAaun „ 1387 BE

ICE. Eurobond Fd— 0139 llftb
Delta Group ICS. Fre t3A lG.xy.) E935 9A

P.O- Bn 301ft Nanau, Bttaow K-|-

■Effi'asiiBSffluwaftM all® Jl

^£^ 9 i'K5S: T ^ t 600a

■Ccncentra. WOJt 17ftjW15« _ Sigiirt Bennuda 56.91“ S6ff

InL Hreitenfondi __ftM&J7 70A9|+a4U — - Transatlantic Fd — L&4141 —

Dm el B urn h am Lambert Karoo Intematim

77, London Wall, London. EC2. 01-6283200 Plaid Mao.: Kora

Windierter DWxfflcd Ud. NAV to SL <22.99. do Vickers da Cash
Winchester (taenists Ltd. MAV Aug 31. USWOL London, EC4.

moaja ssizdz

Pra-Unk Betkeread Plan.

HB.d =

Refuge Investments Limited

103. Oxford SL, Mandrester 061-2369432

%s8==w, -aad = .

Reiiance Mutual

01-4Q59222 Transfnternatiaual Ufa Ins. Co. Ltd.

— 55-57, MpiMtoaft WC1V6DU. 01-8317481

— ■■ — Serie3-2 MaaFd — _1 345 l4 153.« —

I -■“* — Seria2 EquHjrFiL _ 150.6 158ft.:-.. —

— Srrta t Prop. Fd. „ 124.7 lZLA —

“ Series 2 Fixed l«L Fd . 1495 157ft — .

d Scries 2 Sfi:i»%fU -Bits Sftgj.zq —

— Series 2 OfoeasFd.

— Tulip lmsL Fd. „

TuBo Managed Fd.

,, _ , , u _ Managed hnr.Fd.4nu

61-2369432 Managed In. Fd Aol . — _

J — fitao>eaF(LCap._^S- g^Ti — ] — .

„] — Mat. Pea Fd. Aa__l247ft 268ft —4 - •

QL6238000
1 J 546

Winchester Ouenens Ltd. WAV Aug

_ Winchester Overseas Ltd. Cwrenl yield 1170.

Korea Intematnmal Trust

01-6283200 fund Mao.: Kora Invest Trust Co Ltd.

£oP» bjsbi* “■ ** ■** ""ffiaiaa

NAV won 625816 IDR «h* 8409^4.

Dreyfus Intocontineatal Imr. Fd.
P.a Bax N371ft Naana Bttaoas.
NAV Sept 7 J25.69 27331

Trident Ufa Asauranca Co. Ltd

_ . Ma a ufactuiaii Life lns>
— SLtwirtWB fa ia ta

056864398

P

P

jU'M

m

EauMy Fired. 104.4 10191 -1A| — M a n aged.

PropFiL (1st hsoe>_ 3582 J — J — . gSTMwL
CO. Prop Fd. (2nd Issue) . 1111 J26.9I ._. j — Property.

043856101 Managed Fd BBS ES.41-14 — AnStan

~M Z Royal Ufa Insurance Ltd. HltoY^^l

Z 45 — NewHafl Ptace, Liverpool LM3HS 051-2274422 GdtEdgTO

—27 - RdjoJ SMeW FcL___J2Sl6 268ft -Oft — Moray

+?| — teytt LBe (Unit Unked

Duncan Lawrie lav. MgL Ltd.
Victory Hsa, Sl Pater tot. Guernsey. 0481

^SSfezrK aa

Imr. F(L The Korea Trast

**- , , _ Qaehan Investment Trnst CaUd.

27331 — J 640 1.51ft VoWo-dong YangdunumJQi, Seoul. Korea
, M NAV Sept 11 (mo VLQ261 (USS13ft)l

msey. 0481 28034 Lazard Brothers ft Co. (Jersey) Ltd.
jaa-TOft 5.7D P.O. Bax 108, SL Heller, Jersey, CJ. 053437361

4 -K) Lae- Bros. InL Cap.
. Lae. Bros, irst Inc.
Laz. Bros. InL Acc

Emsan ft DocBey TsL Mgt Jrsy. Ltd. Laz. Bras. inL Acc
P.O. Box 73, SL Hdier, Jersey. 053473933 Laz. Bras. InL Asset

EJD.1X.T. 1965 106.4? — J - p“- g™ 5 - jrt. tea

index Lk.
Do. Arena.

Z M mti aw t lavastnrs Assurance
_ ‘ Lew ffonSL 233 MehSL, Croydon Ql-6869171

GHtftmd

Money Ft

Save ft Prosper Group

4 6t St Hefei** London EC3P3EP. 0708
Global Efettv Fond <Z>. 1530 56.11 .__
Bat. In*. Fd 3)13 2130 -0.4

aHFd 3 ^'...".."Z:l ml W‘ ^

SS?&2fez=SS —

eaiHyPnis.Fd 3443 3M. -2J

SBMzzrBS

-Prices an Sept & SftotMr drato
Schroder Ufa Assurance Ltd-

"Kwd fo I A re ** tavrirt

tun

Fired ime re n I1J

Ce uf edcra ti aw Lite lasun

5Q, Chancery Lang WC2A1HE.
EtsUlv Fund _ 0013

Maiwjcd Fund »>S

PIP Fund 723J

Psnat. Pen Mnad— 142.9
SUH guard Maa Pea M2-9
Grow MrwcL Pea —

Fixed W. Pen 7573

tony Prmfon— — 4g#

Pnreem Pension Hftjfc

Imernwxwxl Poa J67 ...

Cash Prawn . - ■ 1137

— Z tnperid Ufa Ass. Ca. of

m Z‘ — IroperW HouM,GuHdfonL

:;:z z mB&BSsm i

— pat*«wst2SHl7Ji23

— Equity Pero. ______

. MBMyttrektt

•H z ^SL 55 -^-

- z -BSSfen;

__ ManmdtenZZZ.1

_ lr«L Eireity

_ DaP— ■-

ZI - fcdL.Mraraed

DaPwif . .

— _ North A meri can

= Z fcegzzzzz

Do. tea

bdraCUtrenv-

Do- te»—

m =

Enterprise Home, P ummiMflh .

Equity pKU)

Fixed liaeml 215 0

Property S|3

Ovews 115J2

Money — 1482

Manaqed 2103

CCM Vangsard Mngd 145A

Growth

070866966 T ' shw -
Ifld - Tywtaa Aisunnce/Paateits
Z laCanrage Bred, Bristol.

-Hi — MJf

Z" — Equity —

-ZJ — Bond— 2389

Z! — Property — : — 1 1^7

_0i Ormeastar. 1243

7Z _ UK bn- S 61

- 0 J — Deposit 1788

Bond Pen 293.4

— The Engfista Association
~ 4 Fore Street, EC2. .‘01*8870

Z E. A. Iraome FM,*-_^M’ - JJ

= TttSKz zW 53=1 «

WfodgateCm. FiL** jSli!22 1689, J Z«

z *Neid.denllng5e|aen6er22.*ritatr^

_ 30.

Z Ermitaoe M awa genre n t Ltd.

Laz. Bros. InL Asset-
Laz. Bros. Far East
01-5887081 Q ** al CMll Bod

ft .. .J - 7X1 Uoyds Bank (CJ.) U/T Mgn.

Ti y*. P.O. Bo* 195, SLHHRer, Jersey. 053427561

a&g Sqxradw Ug ^ Tmsl gg ]n f _J 1L90

Next dcaBng date SepiBitaer 22.

, nBm^vr, 1*1* 8tot_lirtemtlBnft, Geneva _ ■

Securities Stoctlon Ltd.

Bermuda Hsa. SL Peter Part, GuTay. 0481 26268

Foroxfmd 199.52 10021*0011 -

Sentey Atom ce in fa r n itiarad Ltd.

P.a Box 1776, Huitttan ft Berovda.

Managed Find -RAOBB 44003] I -

Singer ft Friedtandar Ldn. Agents.

20, Cannon SUEC4. 01-2489646

is

Strategic Metal Trast Mngn. Ltd.

3HM Strert, Douglas, I0M 062423914

SbsnlcMetriTr._|»14 ...4 —

Stro ng ho l d Management Limited -
P.a Box 315, SLHete, Jersey. 0534-71460
Commodity Trast-_-|U0-M 137-73 ™4 -

Sarirmst (Jersey) LHL

4, HOT SL, Dougl«, Isle 0< Man 062423914

Copper Trim , ffllA? 12A4Hlfla —

TSB Trust Fuads (CLf.) - -

10 WhafSL,SL Hdier. Jersey (Cl). 053473494

T^StfdThyJUdpOlO IWiS ""j ml
TSB Jersey Fund_.__ w-6 63ft .._.J -4^-
TSB Guernsey Fired -WL6 61ft .... J 4^
Prices w Septentaer 1ft Nett to <Uy S e ptember 22.

Tokyo Radflc Holdings H.V.

lothtti Ma nagement Ca N.V_ Curacao.

NAV per share SepL 13 $69 J5.

Tokyo Pacific HMgs. (Seaboard) ILV. ;
tnUnte Management Ca N.V, Cnracaa
- NAV per slrae Septtoier 13. 550.7ft

Tyndafl Group

2 Hew St- SL HtBre-, .

TpFSLSeptlfc

Itantetd

Amcriran Sept 16—

j£^^nsr.

(Actum, stores

053437331/3

Externtt

QZ7273224L CadiFun

Grenville Hsa. Sl Hefler, Jersey, CJ. 0534 76007. p i0- ^ 43 ^ -tyi i Gmere 11 (SttoertaO

Unyis Inr. Growth —IS
Uoyrh lit. income — p

v.r.i H

Eurobond Holdings N.V.
Ptetermaai IS, WHfeintad, Cmeaa

= ■VfMtttWnk u T

*- EuroHldgs -[SZ130 Z232t — J

Uoyds Bank International, Guernsey

P.O. Box 136. Guernsey. 0481 26761

London EC2 Alexander Fond I 1246 • J -_ .J —

. Net assn vttun.Sept lix.

Gut Fd Sept 15.
(AccnraSrens)

Hta Inc Gilt
(Actum. She
interoaUonol Equity
OoJ

Pacific ByAty

Da. S —

North Aroer. Equity
Da

07058Z7733 toptei

Look; Dreyfus Cou u no dl ty Fond
SLGL Europe Otafigatians SA. c/o Trustee, P.O. Box 1092,. Cayman Islands,

a, Amok de la Lfoerte. Uxe m taowg SepL 10. Vataatfao 55,043.06. .

EC2M 5T^Tei n at-920 H 07?6 T^ex B87281 - M ft G Group ■

EnrflpMMgathm._i S42D9 |-023| 140 Three Ifciays, Tmrer Hm EC3R 6BQ 01-6264588

_ to Pen i — ]

New Safes fim

Z U-K-Etoy_

_ Nth. American Eg _

Far East Eg .. .._ ...
Z Fixed.!...-
__ Cash Deposrl —

a -OCW —
+ie —
rOfljv —

— 1 navne Accun. .

i3 z

Cont inen tal Ufa fwuranaa FLC
O4/70 High SLlCfOydM CKO OTCN £3-6805225

SSaEffiffiSSfflSl Ba-=l =

CombM laanan Ca. Ltd.

32Cdfflni|I.E.C.3.

Etefer Fd Sect. 15-JU4J 11*

Frrilnl FdSept 15-. Im? . Jf]
Man Hiowth Srp 15 - 27Z0 JW

Morey FdStolJ— man IS

Cte>Fi!Ara?7___- 1790
G.K.fttoaFaZ-1 740.

01-6765410 PkopertyMOduta

Co. I M ■!»„

ECZ. 01-6068401 Heme

wteimj lg9 J — B*2FraTfi«ZZir. 1200 S|j3 —

1355 fodreUitedZ 1 1^4 I ^3 — ^SSroiMamZ M2 88.6^1 —

— .. Equity Pension 187.6 197J -05 —

— — — ■ Itnlth and Ufa A tear. Ca. IM. FydbaPrewn X&SjG 173.{ -03 —

- ii =

— toto -EpgW } | — Mwaged Pension Mfigi 4932-02 —

— Hre«»Wd.Soc. [ lffij | — Aroencan Poston — 11124 1182 *11 —

_ Ifagm Menaged 1 KS9 I 1 — Tokyo Powon W3.9 ^ +0.i —

Araerattatei— Pfe® lUlfi —

lire remllMif Ltd. Bmg 6 Mala* Pea lRS & 903 -02 —

M^nZttMtnatorair 0306887766 Special EotoBiefi_riW 2 114.9 *03 —

aatn nr.JzZfZT MU Z3-

Z VtoBfh Ufa Aosurauca
_ 41-43 Maddox SL, Lda W1R9LA. '

= BB ^P I

— Fixed foLFd 2242 ZK

— Prop. Fd. 2362 2«

— Pan Fd ZZ2 -. .... ..[166 6 ITS

Z Vanbrugh Pensions Umited

— Euratax Investments Ltd.

± = ' 072733166

“ "Eurotex Irw. Firetf- — ]10O6 114 ft — J —

-T - Exacutive Ufa' (C.f.F. Managers Ltd.)
■— Z P-O Bat 1063 Grand Cayman B.W.I.

— ~| — Trans AtMK.G«h.«.I SUMO 1+004 — -

F ft C MgmL LhL Inv. AtMsm ■
0M994923 1, Luenor Pountney HOT, EC4. 01-6234680
J-lfl — F&C Atlantic Fd. SA .1 SWJ? i+0341 1<7

Atlantic Ex. SepL 14.B5.M S

Aus'lLm Et Sept 8 — S336 3

Gdd Ex to 15 535.06 37 j

®727331i* jAcrem-Ui tot ^5326 «

— (AccumUrtu) SC

FAC Oriental Fd

Prices Sqx

Fidelity InternatlonaL
.8 OseeiKway House, Cfaren

:i m ua

: !lS. Weddy ttataigs.

'tew

St, SL Hefler

- 41-4ft Maddw SL L*l, W 1R91A ' 01-4994923 African faaSttzl.J

67(fc HomHton. Bermuda.

Manage*

FtaS'irtSSZ:

Property

Index Lmked GBi
Cundecd—

American AasMstz)— C.91 -fOSTl 1Z1

Aro.VateXum.Pf. SSL 51021S .*.J 380

Amrrirae Vate Carat. 57,43 .. J _.

Aistratu(z) 1741 +®23

Ddiw Santos TsL (z)_ M6.76 +003 1171

Fhr East &T7. 524 ?? -003 0.82

CimSt ft Cfaat ner ce Immir Eg. (UK)

TO Hus. Hereto La», EOA 50ft 01-283*411. ,«»owisarles3

=

iSIt£r-;S§ |J= =

CCI Property W. _^..|

Priori are tor Life Sene 4 Acc to 16
Series 3 Acc Sestlh
Scattteb Ara tcaMe Inv e st m ents.
P.O Box 25. Crasforth. SUrfing-
EqDfa G2L7

FtoTlrdered 1239

Mernatipoal 21CJ0

Property i 137.1

faKZ! — 3008

Index Linked Gm — ?7 9
MvniTrt_ ... . ...... „ 1210

SSsEafoB. 9M

Da Accum——. — Iraft
Exesrex Fxd W. WL 135

DaAccnn i2>2 13L

EnmptliM- Infl. M ^

Cmant Ufa Axsuraaca Cn. Lt d.

14New Briefer Street LC4V6AU (0-3538931

Managed fu* 4
MreaordM.

UK Equity.

Khg ft Shncan PtC

31 Flraharr DnȣC2.
Bondfd. Breect £92.90

3S3 — I ” HPf Panskms Mana g ewt Lift . Exempt ireri.'inftTZM z

iSaZl Z 4aCraeedwr«ha ¥ B3P3Ha 01-6234200 DgAgnm

. — 1 ss*fS£^”iH - ESS£=E

^owwott S^toTtoZ i§;

to testa Windsor Ufa Atoir. Ca. Ltd,

Royal Atom Hsa, Sheet &, Windsor 68144
Investor Units [117.1 IgLTj j —

•T- 1 SS&liL M 3 E

S3 ” ReLAss'dPen. 1(0406^1 “ZJ Z

OFFSHORE AND
OVERSEAS -

i3Li*ai1 —

Adig Investment

PastSKh 70ft 8000 Martch 1 Tefex 524269
Atom* _i»eoje. .

i wW. Ufa Aaor. Ca. LfaL Mw

Langfaero Hw, Holtaraok Or. NW4. CL-303 SZU. UK

i*»~— * Pw. Fond — tt«L HM 1 —

1?A ¥ PUM

National PmidaMtastttutkiu Exempt Mm . inu [l4^ Ull]

4ftGrtMdmreiiSt,EC3PJIHH. OL6B420a DaAcaan. ..^ — &0S6 Ul« „„ ,

*=■ UAi BBiSKg-?a_ B MEm g^vi

l|i £SS‘£. 2J '- i=

Crown Ufa ... oaaara.

Stoliredtr; Wtong sm *M*J**3*&t fiffiS!

ESies=p Uft ^.feas

Si M3; i» SSEU

assafa.lf-. ir~ e^““

KssKsa-lii iaillilsiQ

EroteHLace.

Lwony Fd ML,

Lqu^rFAMCiil

ta-jifftCSL — na« J5H|~M3-7ro

roe ToF* tacm-^fpwfc MIS -W 440

rn a*r - hul 14U sftl — £b.*CCQML

ttzs&m ffiSfi-asa

Hta iwvm tac-ZJini iliw ul tiwfl “ -
PCCdMMSFd
Carrfa
RnmA

UWirt Kaa Fd— .

Legal ft Gcmroi (IWt AnarO Ud.

m 1 "* 1 ^ffisaiss

Cash initial

Da.Acom.

EwMyUtt
Da Amrei.

Z uSlaTSSw
me

_ Oxersces
Z OririHS

111 = «==» = 5* T to"£3EI

. _ . “44J -a j] — fijhftn ftfuj MesoHmegt United Te,: Ol^B 8131

Z SerttWlMBtal AwninceSocjagr P.0. to 7ft SLHrter. Jersey. 053473933 jgftiWE*"

- 109 SL Vincent SL, Gtasgiwi ^041-Z486KL AtaaySFtUCD 15166.90 Utifal 1 227

- 33 H- *******.*. KSfl4

- Afire. Hrovay ft Ro» hre.MgMCX) gfj

=' tannois ftOaritt ssssrs

— AHianct I n ta nrth waT PoBar Bwnn g;T;^ dFun<)L ' K

— Ato^CI»S f 62S3ofen > ^^ | ° M S2SB8881 fewbMTffliFd

J Z ftsbtota to 7-15 msxaazn Qii4% pal ^-^LFi™

z • Aadawer Futures Ltd. (Advs Thnaitt) &-Tl^SotayFi.

__ c/d MIL: Baric et Bermuda 80M9S 400&

- NAV Aua 31 I *89-05 ( — | - fi-T.AsrmGro.diRt

Intemtttoatt (el S33.4B -006 U.h

Orient Fterd Iz] SldM „„ —

Pacific (z) 3862“ ♦Q* 03

World (zl 1-?

American Inc. Tst Cel 52-* 55.4 -03 BA

Clh Fired B46 24ft -Oft 12.61

tPrices at Aog 3L

Fluering Japan Find SA-

"37. me Nobv-Omte, Ucarmtoirfl

Flaring Sect 14 — I 4163 I — J -

Frankfurt Trust Irreestnwnt— GmbH
Wlesenwi 1 06003 Fraudirt

s»aecLN=ess ssias-=

Free Wortd tend Ltd.

ButierfleW BtftL Htfrillav Bsmuto.

NAV Aug. 31 |. _ S15B.70 I -

G. T- Management (U.K.) Ltd.

Park Hse-16 Flndairp Circa.

Tel: 01-628 8131 Tlx: BSUlOa

— inv. M 1 Sect 10
bn. Pol 2 to 20
Ira. Cash Sect aO

_ cvii
_ Feta, taxed Fa.Oid_

z Kfsmtt

_ . Pais. InL Fd. CW_

PefnJFedloLFaOnt

_ Phabd&kJdtM
__ Pen. Cash Fd. Oni
— Pres Man to- 1

_ Do 51 Fd to. 15

_ Do Pro Fd to-

* =

juw^EdaFdlzEiw lwSnmij SB

AOiance l n te niatfa naT DoUar Buenu GXoSterFd^Z
do Bank of Bermuda, Hamtoa Bonuta. G.T. Ota. (Strig.) Fd.

fate AMU, 012488881 fXWbalTwhFd

Distitota to 7-15 (DSXBOZTi 0114% pa).

tS 13

— • Ifaw ZMltad Sth. Vrtt. lttsee. FLC

_ OoProFd&
Do Cash Fd:
ExUvtA«

l

= e Ksastsut *

-Linked

-jZZ Ufa Assmmace Co. LhL fawm-SW. Aug M -.[10,4 m 1

3^ “ gM-P-ff g 1 ^ Gaerbank (Orarsero) U±

S3 “ pS 3?S J cc - ^7 SaSa Z w*a suoftna. em*

■£. Z ISSife- ^ . LtataerJ.Beer*Fd..BftK ”

2o6 Z 1(50 Z te efc of Americ a I .vtw.jf

-03 — Pens. EramrAtt. __U4ft6 1564 -2ft — » Boufevanf Aojod, Lurentau

— For Fuse* 4 ettw feOi tt teamed Wldbrnes hmnr «_ JSU3J9 S

Zft — Bks Rases please Phase 01-353 flSLl PM«t at to 16. Ned sad

Z Arhsttant Securities (CJ.) Ltd. faXOdO ^

— PO. to 42B, St Heifer. Jersey. 063476077 ^ May Axg I tadfo, EC A^ . ^ '

— Oeafag on Wtantudy, Awtarife-W,™ — 5-13 ift iX

•— BXA. Band Investments AG JapanftU- **"

“ lflk BaarerdriKe CHfaXH. 2ua toreriand - MjjfflgL

- J - S£S tow. n»

PJL to 32 DOTOfeL We M Mai TeL 062423911

Vint Mad SuBifina. Grand
UatorJ.BterSn..iSUI05 IftOG N -_] —

Bank of America Internatiarod SA

X Boofemd AwL Luaotawg &D.

WkSnros Irane __ JS3U» UMH4U9M
Prices at to 16 - Nat sab Sritk

ars£SrBlii£il:dr(»

AsstcunabiBi GEHESALI SjlA.

P A to 13* SL PWer MjmfiL

BnBBSBaBaKUr-

Management IntBrnattanal Ltd.

Bk. of Bermuda BWa.Bmnuda 809-295-4000
BUS. ML Ba. Fd. c?ol gW-S | --■ n —

BdA Inti. Bd. Fd. 6K| 51130 I — J 1200

> Prices M Seta 10 . Had dettlm to 17.

Manufacturers Hanover Asset Mgt

PO Bex 92, St PPtw Port. Guernsey. 048123961

.teaK&&jBSfisazd-»-

MUfland Bank TsL Corp. (Jersey) Ltd.
28-34, Hlh Sl. Sl Heifer. Jersey. 053436281

Minerals, OKs R«. Stars. Fd. Inc.

PO to 194, SL Heifer, Jersey. 0534 27441

MORES Sept 17 11016 10-41! ■ — I US

Samuel Montagu Ldn. Agents

114. Old Bro.m Sl, EC2. 01-588 6464

H~3 L3

i»ic Sf

117§l5te.tol“Cli« 12AS -

117 Jeney FdSeiE2|£7J6 8JH _...J -

Murray, JahnsSone (Inv. AiMscf)

163, Hope SL, GfeKOW. C2. CW1-221 5521

iS^Fd^«?fii| I :::.:] z

Pd£8ic.rLnd Aug 31_( 53.78 I ..—J —

Nit Westiranster Jersey Fd. Mgn. Ltd.

23/25 Broad St, SL Heifer, Jersey. 053470041
High Income FurcL-JH 4 ,55.0] J 10.91

EautyFund MJ ffl.M -Lfl Z&

international Bond* ..1563 580j J..9S

*S<«l day every HjursI

NegitSJL ■

10a Boulevard Royal, Luxenboortl -
VAV Aug 9. |9.40 — | i —

K.EJ- IntmurikmaJ Ltd.

P.O. to 119, Sl Peter PwL Gtrtnwejf, CJ.

Sterling Pefi(Klt_ 6635 66?) _... —

SlnfregFiwd IrieretL & J 734 —

Sterling Mantaed —.£35 Mffl —

feH. Fixed InterKL—pO W.J —

IntnL rAsrageci^— |M6 /Oft —

Korthgite thdt TsL Mnges. (Jersey)

P.O. Box 82, SL Heifer, Jersey. 053473741.

PaclfK Fd Sep* IS _|S9JJ1 9A2| .._ft -

Pacific Basin Fund
I Da Boulevard Royal, Iwmbottrg.

NAV—-. I J13.96 WJflU -

for- A»- M. ft G. hat. Must, UtL London.

Phsenfac Interrettional

PO Box 77, 5L Peter Port, Guem. 048125741

. Inter Dodsr Fund — —

Far East Fuad S.4SI 239) —

fed. Ctprency FmvJ._SL3i9 L72j —

DollvFHf.feI.Fond.J5Z.9Z 503 ..— —

Ster.ExentaGiHFd.fQ.92 2071 — —

Pravtdwi w Capitol Intomational Ltd.

PO to 121, St peter Part. Guernsey 0*51 2672W9

UK$taeknnjfcM.__ •*“

IriL StacirmaikeL— .

. VfarU Teslraifiqy
N.Am, totorarferi.

Far East

UK Fixed Inter?*!

IntL FUred In* :

irrl. Curr#ncy.__._
fetl Money Bferket

U.K. Moray Marita
Sfo. UmL Fit

'fengl Fd. __-.|£0.962 Iffijj+ODB
. Manta Fd..— la wn C.TasUoiM
Srrtni Taw ffefe SllfllElO.
Prices oa Srpt lft Nnt dealbs Sept 22.

Da

. DnHwDegodL-

MM -

Coromndtiy _ 1294 Z 309ft 4Lq ' — '

Da
Grid.

Da
UK
Do.

InternaiL Mmucd

Da 5

UK Managed
Da -

M. fL TyrtvB ft Ca (Jersey) UtL
' PD. to 42ft SL Heller, Jersey, C.I.

(Vue I - smoq — 1 —

IMco Invert. Fd. Mnot Co- 'SA. Lire. J

London A Continentaf Bsihere Ltd:

2. Throgmorton Avo, tofoa 01-6386111

Unico Imett. Fund— IMM6A2 67.40|+(L20| —

Unknfelnvcstnwnt-Geiclbchaft mbH

Poafacti 16767, D 6000 Frasfctori lb.

Unfondt- PHI&S l^-i9 4 SS “*

Unirak “

UrirerCl 08J5 aaOUj+OOll —

YX A Financial Man a ge me n t UrL

42,EisexSW*LUn*iV WC2 - -01J536W5

PanAirar. O's Fd UAfa — I -— l —

Vknbrugh Fund MngmL Inti. Ltd.

28-34 HD St, St Heifer, Jrewy. 053436281

Vnbragh Cwreray FdiUJLT 113ft i 7.91

S. a Warburg A Co. Ltd.
3Q,GmhtDiStreri, EC2. 01-600453

& SSfcis iad . z

Warburg Invert. MngL Jrey. Ltd

ruortby PUKF.SL Hefler, Jty.D 053437217

SSftsaftieHS M IS

Metah Tst to 16_M 1135 +aa] —

■sswfBisiffi a

WSrdfery Investment Services Ltd,

4th Floor, Hutchison How, Hong Kang

SS»S&c«l®? sad

.KSS»Sl-B 8 i aa=:j IS

World Wide Growth Manage«eirti»

10a, Boutwred Rojof, URenAcreg
Worldwide CUi Fri JKI.W M06| —

Inv. Ado: MSG. ire. MngL. Ltd. Londn.

Wren CbmnnAty Management Ltd
lOSLCforge'iSftOmfef foM 063425015

Wren Com. Fund — JXLA Jlft 660

Chinese FuM M.1 .W.h 9.30

Precious Metal Fend. 1366 — 8JD

VangndCmdy.Fd- 4U _4L1 2-26

FhaneW Futures Fd._ 963 1 £35 ...... —

Wren IntL Find.* B0J97 Oftrt....:J — “

1 NOTES 7*.

Prices are In pence mtta ot lra w U e IntteMnf and
these destaata F with no DreOx refer to U-S.
dollars. Yfelds%(tao«m In last adorn) allow for aH
bujtay «pem > Oflerefl takes lnetade ail
e xpense s, fc Todays prices, c YfeW based on offer
nrice. d Estimated, g Tody's opening -price,
fa Olstribuuoa free of UK taxes.- p Period i c
prmtlun ha n rance ptars. s Single pmriom
imw m x Offered jp riue fecfedcs all e ranaes

except agent’s awwdfe- 7 Oifetil price Iwdalps
annperset If bought UvmgfamanagerLZ Previous
day’s price. 9 Guernsey was. a SvocaML
+ Yield before Jeney tax. t Ex-stadvfekM.
it Only avalMife (0 ciaritabfe bodes.

I

j 'Mif 5f : Sr MS®

LOANS — Continued

Ffkt !ud
£ 1 <1

YU

bt | M.

Financial

2Q| 2QWFF1 14oC TB—

31 u- mu ffkuk nijHarfb

ILls 1U Do. lOJjpc UiBiLil W

1LU 11J t»- Hue Uns.Ln. 'BE

Uia 1U t»- lft#c Unlit. ’K

14Mf. 145 OB.UhpcUnUi.2tt2

301 310 Ob- T^PeWWbi 39-92

3IM 305 Do. 7to*E*6. ’93-94

31M 30S D0.9«'A’ , 9J9M^

31A 28F M.8*pcLB.'92J77

IffiS, MSI 13 M 1115 Nov.
91 ij 17.4 7.01 12.00 to.
98ri 7 J 10.71 1120 Jaa
9S*d 7.3 1122 2148 Jaa
99ni 7 « 1187 1195 Nov.
99U«d 160 1256 1260 Mar
7$A lb 10.C7 1120
MV* ItS 1043 22.15 £

8W It 3 1125 1220 Jar.
7blgM 17 1| U-50 122S

BRITISH FUNDS

YicU

taL I Rat

1§E

Building Societies

21 Mar.245NiiVMrlSJaKZ9.982. 100W 31 Jt 1536 MS ***

l»Apf.27(J Do. W«peZ7.iaB2_ ICOh Hi 16.M 1250 •**-.

!«SSi34S 00.15^240182^ IOPb 10-87 *

7 June 13 D Do 15 »wkU1282-. MM» 105 15.1C 1132 ««■

Do.15Ucl7.L83. 101h U. ».D UJ1

- Do. 15Ve72&3._ • 101*2 « kj* 5H5

— Do. l^ape 143.83 ■ 20**2* JJJ M-£ 1LTO “«■

= Mssssaz tbs ?fts iim 2s-

- S.l3£a5M3l 101i, - 13« 1152 £■

- Do. 13*,2pc 2683 _ 101V, - 13 . TL 1157

- Do.34pc4.7B3 ldh - 1374 1146 ««

— Do. 13*spc 25.7.83 - 1011; - U.93 1123 ££

FOREIGN BONDS & RAILS

lUstl r™ M Red.

YMd

Five to Fifteen Years

tit

si

T«asu’/3pc65Ah

— Jan.

_ MJf

825 Jan

759 Fb.N

527 Not

moo oh

1379
1290
14J9

1350 | Apr. 0a.)W«Ciai20p

Hire Purchase, etc.

May OajawrtlKttrtUM 29d 691 f£0 181 4.9113.4

Mav |Ctf s'cfe Ft.103. £15*a 27 9015”; — 8.8 —

Dec. Jun? L.-.4 Scot-Fl-xiOpi 48 216 7233 24 83 63

Frti. Oc. I*.' c:« qre V«. 10c j 21 2312 10 1.6 7.0(111) gept

Ocl Var |Pro«. Financial.] 118 153 75 16 9J 93 July

Jan toi i‘una HWss. 10pi Vt - d-ZB — 42 — Mar.

Apr. CcUWzscn Finance | 444 6.9)231 0.5) 75(251 jme

BEERS, WINES AND SPIRITS

19 63 OSD
4 43 6
26 55 85

Mar. Sept.
Dec. Jime

1 3.2 8.9
15.7 —
29 -
76 8.4
4.6118
62 92
28120
29114
75 *
20 6.8
43 95
2.6 16.0
7 8 06
3.8 030)
32124
5.0 6.9
20 MS
28 35.8
2.9 17.9
25 Z22
93 10.7

58 78
55 91
3214.7
22 071)
3.0 roD

«4jg. Oa.

VJ* S.D.
SeDeMrJt
F MjAjN.

Jan. - to

AA Mar

t'i

6 ?
05
408

60 1 761 2®
371^) 631021
emo

337
- 4

RearitcutSp—
Reed Austin ‘A T

5amue((H

Sdncourt

m

J H.

Aar

Apr/ Sept.
Sept. Mar.
May
Feb.

Man
Jan.

Feb.

Oct ■

Feb.

July
Feb.

Feb.

M

T<l

May Aifl
Dec. Jw*

May Nov

Gs-sporofe Currency Risk

by JlA Donaldson

CORPORATE CURRENCY RISK isan authoritative manual on foreign
exchange management.

Written specifically for the corporate treasurer and finance manager this
report will help you in seven ways.

* understand how the foreign exchange market works.

Ss avoid unnecessary foreign exchange risk.

negotiate more advantageous foreign contracts.

* reduce the cost of forward cover.

<: safeguard ycur company against fraud and misappropriation.

* identify and quantify exposure.

improve the quality of your exchange rate forecasting.

( ORDER FORM

| F'.eax reiur n !<:: Marketing Dcpartmenf. T he F iunual T im « Business
| Warmcvcn lid., Eracien Ho jsc, 10 Cannon Street, London EC4P 4BY.

i pjr.^o » 3p i to c??-p'co{ji es o- 1 CORPORATE CURRENCY RISK. Stogie

j ccpid Liaso 'JiOSUSASowerKdii rvJ pSp.Su!Mequent copies at E9.95/SUSZ4-

1 ChseuesafauitJ f» nade payable to “EuiinKs lntor™ticn'‘

ALL ORDERS TO Sc ACCOMPANIED SY PAYMENT

r«.
jji

■Jaj MV sr-Zan* «&- lOf

JUL
Oct
Ajir.

J «.

Feb.

Mar.

oa •

Dec.

Apr-

Dec.

Jaa.

Feb
Jan.

May
May
June

oa

A(jr.
Feb.

Jan
Nov. .
Jm*
May
Nov.
Jme
Jan.

Nov.
May
Feb.

can &■

li g.

y &

*f Mm,. •

jl wn.

al K

Sss"

Dec.
Jan.
May

£■
Mf

APr-

Dec.

Dn&Mft.’AlOP-

INDUSTRVALS (MfeceL)

■ pp

l

m

4l|

l|

JMy Dec.
Au«. -Jaa
All!

Jaa
JUy Ma»
Not.

July
Jaa.

Oc.

May
Apr-

48
28

24

50*1

183
52

34

25 - 5 .

461 * 19
23 30 '

30 19 '

-«U 6'
57
28
J?

356
-57

70

35
148
238

50

27
92
U

.25

28

OU) If.;

9 f • .

71 f 5 5

m | :■

me i u -

44 , •

fc*!

nii'rpwy

20 ) 20.8 t
13)18.4

li* S'

2LCCF.CAPfTAl.Sft.EASE

Organisalnn

Signature ■

Of '«! Tbe P.runtrfl T sr.es Bovera imrraaSsn Lid.

-•.l3Ceii495f?«:.LcwtetE«P4Fy.rliemM8irEnsla'^Ne.202281

May
Itav
to.

Ay.

Dec

Mar.

Jan

to. Dec.)
Dec!

Da 1096 Cm Pn.
WeHmanEng'a

1

m

Dec.

Jan
Mar.

-Frt.

.to

to. Ob,[
to- oaJ
to. Jerf
A04 to.

B, !st

An
May
May

Dec-
Dec
JK

FBJw.tA. 15 o-

FtabLaydlKb

Move
Jan.

My DeCKwASM*
Me
Feb,

U*

ii

%

m

E7 i

m

31

• ^'Financial: Times Mor^ay- : September 20- 1982. r
■AjTivu ?h>> - W. * : . . •••-'-

y^;:; ; IJQU^^ALS^CofM r iwd LEiSUKE— Contbiued:

.* **S*;{ I ^te l^l S-ifWlSlw "pS? - * I ■ ■ *«M I Wee |*?|

r lint Krl lTO •
| Wee | te Net lr»|Brt WE

M 7.9
52 45 Jwl
10 * Jan.
118 70 Jan.

, tot. Jm-Uvfoe-U. SHK&'l l« S4KB2e 13? 55t 79 Dec.

/*. to Jm fetas&£aitetl, 29 2LB fiLQ- »_ 71 _ _

; Aw, fetanQin,^ 2540 “0 JtTJ Z3 13141 J*n

■#.anKf<9fti«a *.

■ • Sfirs®- ,28- w M-*rw tSE jw.

ft ^ 74 80- XI BJ 7.9

Ott -April fomedySmilty 3AM *6+ -55- ■-■*- fiVfi- «**.«—

Nw. April EmcuS£ 170 .13 £75 95 11* 03] JW-

■ha Am. Klm-E-Ze KMo. 41 361 • 30 ' * 1Q0 4 5apL Aw

Jan. Aug LC.P. Hl*3. 46 Si IS :f022J «L] - '

& AprfLWLlnLlfti. 74; 168*75 -2| ■« H& Aty .

Bet MajlLnrtex — ; — 30 . a5|$L5 .si : j — ' Aar.

• ‘ ■ farlmj- Ms see Crete* ■ ■ F " May

Mw. OctLwSrofaiOp. 435 Jfc017J L7[5,7I(m) Ok
OflL July Udohair 1(0 _ 25, JW ±15 ._• d _ •-

July 0ttUm.*LHa0|7 5M uw M '68 82 .- -i-

ft Sept London 92 1U 7.75 0,9 12.C OU) —

to Dec. tun. A {Kan. Sip. • SHC-^ 74 5J5 23 103 >4 Otf . «

— - Hon. 35 ■ - — fi —

An. Jsn Long Hmb(y. lQp. -9- C91R- - _. April

Aw. OaLongtontnjjL , .92* fa 10 ~ -34 —.: Apr. ,

Aug. Apr. Lonnie Unpmk 65 752 419 .M.22 0U .-....—. . .... —

Det Jtmr Low 4 Borer 50 r « 153 +M 04167 M , . —

“*y faja KffR.® Jo* «»* « io7 : . MOTORS/AIRCRAFT TRADES oeambr

fat- May Muftl-tone Gp. UU 69 «0 . 254.818.7 •- - ■' ' Aw.- fci

to N». m*(4uw 2»- v 173 To. D 52 ctB. . Motors and Cycles • - :

Am. Mar. Nagferamtfo ?5t,.' MJ 021 L5 111 70 ' ,, • -Apt Hn

Oct Apr; -SR. BA 25 35 6i "S5" ' : fcLStoiX-. 715 — — — — ' — -April

Aw._ Oa fen.SNpCan.fi eft 1 _ IT. .pteJe-SJX EmSE I52 9J Cl2s - 51 - ^

0« Apr Martey....^..,',_ _3fr. 166 225.. -15 .8.9 NS - - HMIURm 166 lU flUf’i .* 0.7 * _

FeO OcLMarlimMiab. -40- 197 LOB 6.7 35 45 - - — Ute'CarlUj- .25 SL3 07 4J « 6S Not 'Apr

Dec. Jin Marshal l/w. *A' J5 3M 26 M 1L4 - HWallfctf* 7 - — - • ^ ■

JM. JtAMwihdrs Ortv 76 76 01 - 02 — ' VptoKr50 — : £3£la 773haQ16%j 32 52 62 Jm Jcf

Nw May MartiivBtoc_ ;Jt2h 579 «.. .— . — T Aw. Od

PROPERTY— Continueii

1’ a«* 1.ww ; ]¥| £ |cv|S|we

INVESTMENT TRUSTS-CorrL

OIL AND GAS— Continued

An Integrated approach to investment and finance

fct I Ctrl fir*

(TM I BMdnm

Ijjr M 5| 7.1 Dec .

fry as oia jb ”

mo •: 22 5 JM June
£Mr 62 12 71 Apr.
s»;3iift4js5 -
25 tM 92 S3 Jkl
S iO- Zl 63 7.9
-55- « ♦ «• *-«-

2175 05 18.9 0&J J»-

as 5 %

175 17| 5,7rDyi Dec.

SI M t| i2 -

7.75 ■ .019 126 PU} —
SJ5 23 105 Ta Oet '

8— — ; Awn”

UJ - -3.4 : Apr. .

410 .0.9.22(7931 .

T75 06 16.7 (2tS

^BBtaWae.M)Rn.J -30 —I

Rnw.HMB.atnw. 132 Zl 6 35

Prep- PtotWilp. 242 5J &6

Prep. & Ret 352. 7i 35.

- W. April Eng. &M.V. Trust VPt 16«4.15

235 Sept Mir. Eng.fi Scot low ^ 64fl 19 13

S3 Jap. Aug.EmW.ta.Pa.fl- 123 17J 9.6

333 ( Jao. Aug.

14. « 62 AW ■ 0B.PtPp.Seciw5faj 118. |lil IB -U 22(Bfl Jan. Aug. &ulty Co«m_ 148 19.7 954 18 92 _

. .. January ItegfanPropTp | 9h\ — — — - — 4 Aunst DoTtW’dSOD— 2(0 19.7 1058 12 6.4 Anril

^«llW fe i-ttsT-il I#! H- llJL « ! ^D«JeSSwJhcS-> . 347 I 196 16.75 li| 09

•; April -Oct RetfonaTPrap. 254 166 2S 1

4L6/42M4 'AWO '-Oct 152 366 25 'li

36 7.7 42 Septmfaer RasetaughCL- 193 26! 22 32.'
52 2.4323 Jan.' June RwA & TW^j 198 175 425 2

15 75125 Jan, Jb& Samori Props-. 85 Vi W3

27 6213.7 - May SntefcttataW. 525 -05231

46 45(86) Al«. Jail Sett. Mrtwp.ai. 87 57 $35

_ 72 - My Oct SecoodCitylOp- 47% 293 hdO_77

3J 10.0 17 - . Steftataftm. 17 - _

- — Oa May Stou* Ests — 96 M 64+333

‘J- .62 - •— June .Dec Doj5%tav.90 £08 156

— June -Dec Dp. 8» Cut 91-94 £302 156 Ml

22 93 66 - . SptyhawK — _ 335 Zli bdTA

640 tfl 18 04 4.0 —

73 1751 4.7

pat m

% ’ll -w |EA t c .'£^S:

32Mfl May »te. Family Inu.Tst™
72100 — , FWOwtatteABeo-

92*09 SepL -Apr. first Smt Am._
-5.7286- — . FtataeHnjtac*?.

55121 Apr- Aug. Ffeimng American-
— — Dec Juk Fleming RrE«te«.

a* [

F.&C.Euvtrwt- 48 149 15 4 46 —

Family l nw.Tst„ 106 293 60 IS B3 . _
FWCterttteAJHO- . 101 175 1005 26 07, _

F«tScnt Am 138m S.9 1465 20 5-0 —

Betfgellng Ims^. 76m b J 208 SJ 4.2 _

F1ei% American- 244 ZU K4.Z5 — 23 —
Fleming Far Eaten. 113% 175 FI 3 — U —

a«Mh&IS-- 9M u«n 28 4.9 (DC - RemSg Merc— 59% - 26 10 63 - tsSwoSm'.

ffi ill WH:- ^-^sases ■ -35 ? “ 1 1 4 = assTA

I Stack Price |¥| £ |f*|K|we

tortwtaWJtaJ 208 — — — — —

k-Canbrcca ftrs. 172 — — — — 6

Eriess CaselMp 161 215 275 09 24 Ml)

SnturylOp — 92 76 M 27 53100

beits Res. 0300 85 — — — — —

CtarterfanSp- 43 2611 03 06 10 —

bSteriwwfat 76af 6.9 075 S3 24129
vefr. Petries B. 884 27 nQ<596 U 25.4 30

ifesnnrt PrtKL 45 — — —

Neuroma- n -

Mo.Cnw.A-_ 170 — — — r~ —

Wide Pririeua. 88 mi 055 16 0.9 —

MfePCJPriUb. 2D - — — — —

Credo Pet 10c- 13 _ —

Dorset Ret C&_ 22 - — — — —

Double E64MI.. 28 - —

t Seated Ortan. 54rf 6.9 239" * 37 *
fEdlobiMbSecs. ISO VIA 025 - 01 -

w

11 a?-*--

Jety Nw,
A5. Mar.
Oa Apr;

Man.S%Can.f
Mariry

JM. July MarotaJPs Ortw 76 U 02 _ B2 _

Nw May Martin-Blade-. 22% 679 —

— ttattaHRS7Vpe; £1M 3M Q7296 23 «0 -

■toe Now. Maymrtls^..— 168 29J 93i 27 8.100}

to. June Metal Boxil^ ISO . -21i 1255 12 111 (US ml

NW. June UeriCta uis. 126 »J S3 24 66 6* S'

AprU facMetamJeniM. 11% 153 4X3- 01 - 4- w- . ft
Bit - JuwMettM^j^: 6 ‘591 — j- ‘-1- fr*

— Do.Defd.___ -4 •- ij— - L.

JJy Dec. MobenG^lp- 24 1Z79 — 31

Mw- OctMtantaSe&A £349 ■ 166 05% - 0.4 — ^

Jan. July MorgaaXiwUe . 105 U 75 22 KLfi £HD

to. Aug. MnsdrirUKta 53 21J 28 2A 48U3

Mw. SepL Nrir Into;; 38’ 26 flj 26156 29

Oa NeUfiSp'ncirlflp 9 - 16J >- —

oa Am.Ntw&tetalOp. « .112 205 ,56 15 75

Apr* oa Norton— 37% aj •—, _ _

to Aub. Wnreret - ..„• W BJ 508 ' H 73 72

Oa AfMl «^SwW5p^- -3W 61 «34 — p« hM

Feb. Aug OWtaoodGro_ IBS ».7 465 . 24 «9 «5
to Jme Office & Beet— 425 : 17J 7£ 13 -25 170

May . ftow Mflaise IntlSA. MO - b£bc 22 46 9-7

to June Omstwvl2%c- . 12 ]7j fee .27 124 .30

May Nw. Dial U Fin. Cv.- £80 . 1M 09% — !U4 —

.-.' Gommercial Vehides

Utd. Real Prop. 373 13 60

WDtoCUtQUe 40 - bO.75

MunfirBctate- 280 175 +80

CtaUlwa 365 12a l20

WatUhMffm £20d 69 r035*

169 7i 6.0 20 51

62 168 204 21 4.7

112 216 «14c 24 6.2

& U 40 10143

.1* Vi 1404 Tffi 144

216 35 4 7.2|
25.1 5.0 6 25

nctbiai wcuiud . .. - Oa. IWJCmlaiOP. 81

tes.).'l 33 I 571 02 I — f 04)— ' Mrch WfmliaterP.ZOp 22?

I?J w. m-Uld Off ■ W

Zli bffj 25 76 61 Now. JUy Rentas Untawal. 169 76 6.0

flantertSeo- lg - 626 LZ 32 384 No#. Apr. Foreign & cm __ 62 168 204

Btawf Naim Grp » - - . to July F.U.CJ.T4R035)- .112 3L6 tQlt

StockConwrat. 285 168 -45 29 23 220 Dec. June Fiicnm Inc. 46 76 40

5am taps. SHK2 68 — Q48c sJ 6.9 45 r — 'On CmjSfaa— 3% _ _

% ¥-5 SS 27 80(83) May to* FunflmSst V? VS 1*2

Wa.-12ffaJf.73p K IS 32% 103 156 - - Do.Cm._~_~ .327 - _

ImmCerta- 37 mi 6083 24 32 300 Dec G.T. Global R*c.£l 69 216 35

ItaH&fitfftL a 1U 001 -i- - oa Mir. G.T. Japan- 288 £3 50

DL7KteLCia.Pf IK 168 7% — *0 - Aug. Apr. fate. CM&ldtd.-. 326 197 +6.4

prftedto+L. 133 295 9705 14 70130 SepL Mw. GenerefFinN— 286 117 80

ThsurtPratSp. 34 L3 025 U 26 49J - DaCoow-lft*— 280 - -

TrwtS«s.lOp 87 HJ *297 6.9 32 — Od. Aw. Om. ImMsn _ 91 19.4 B.3

M 19.7 Dec. Jine Gen. Scottish >65 135 31

WORedPrep. 373 ll 60 * 20 * to JrfyGen.5rtMa32iaP 147 76 40

WAtfCUtQpP 40 - bO.75 £3 27 7.4 Mar. Aug tesggwSt’Udrs. 83 - 28 124

yarner. Est^- 280 175 «0 ! •« <1 334 JJy to Siobe l w. _ 334 5.7 7.9

«tamtadta.ap 365 IU 120 20 4.7 1ST July fawto*TSt_ 110 296 4.0

WtrtMtatOFiaL £20d 69 *035% U 71 135 -April Sreeidriar lw— 182 2L1 23

286 117 80

280 — —

91 19.4 h3.3

« Hi 31

aVda^as! 147 76 40 1(8 3.9 _

14 - fEdlntaughSecs. 150 19 J 015 -

— __ gMtaUBUaa 85 — — —

» * - — —
6.2 — Falmouth PelB. 70 - ~ —

L45 - Flair Res 75 - — —

- - f Floyd 00 10p. 80 _ — —

.4.4 _ IJGatflcOU — 80 - - -

- — Genoa 08 NL 50c 72 - — —

7.2| - aUtaLtel^m 46S - 1 — -

25 — Goal Pet 5p — 86 - - -

73 — bfiatHRvCaj. 66 - — —

4.0 April feritsXVffJJHb 206 U 10 U!

— — Hwbald EngrCSL- 12 — — —

52 July Nov Hunting Petrel . 160 76 75 4.<
60 to Jidy fcSteSiU]997_ £95 U Q10% -

THElWMDSEOmiTIESOOJLm

The Nikko Securities Co^ (Europe) Ud.
Nikko House, 17 Godlrman Street;
London. EC4 England
Tel.: 246-9811 Telex: 884717

MINES— Continued

Central African

Last | Oa | m
4 tut I mien

«. _ _ Haw.
— — _ Now.
LQJ 23 9.9

40 63 CL
— QI17 —

Mayj Falcon Rh50c | HO 025c 1105 60

MayfttonkteCotZSl. 20 1?S Q3c fl3 81

— Ziw.Cw58D024j 15 —

«il 32 72 VM to

0.63 22 Mar.

005- 0 QA « Mar.

9451 4.7 95 24 July

fegowSHAirs.

Globe! w.... ,~ ' 134 5.7 7.9 U 85 Mar

SreenterfeTistu- U6 Z9i 4.0 O 501 —

Greenfriar litw — 182 SI 23 23 28 —

GrwtamHw ‘115 5.7 40 22 50 —

JGroham lnw__ 86d 6.9 35 * 50 Oa

ttroimtiwettprs 106 166 3.2 0.9 *3 —

HteSros- — _ 90 76 3J 13 52 _

HW fPWlip). 348 76 6.95 11 U -

Iretepeatot Irrv. . 148 286 05 15 051 —

124 21 41 Feb

Components

fiction 100 20 — nm _ tro

Imp. Cont to £3 200 1M 92 29 66(90)
Eh. tacCrUn 952000 £88% 166 08% 222 »A —

Australians

501 - taUMU J. rJ* radr. -

10 - ttoi

50 — Ueb

50 Oa Jure KCA

12M uaue

245 - ttU5

74 19A 55

» sr % SBBbr- s d & g ■* 2 W'

54 45 75 “W Nw. AnnWtegi Et^lOp 13 293 ttl5 — . i — - _

to Sept Autwnotto — 22 36J&0 - i— to.

U- Ayff. Mar. BJuetuel'Bros. _ 21 2412 —

'Sept, Dwriy5a^-_; 16Q*f 6.9 27 31.23121

« to -- JiWy Duntop 50Z~_ -5* 175 4.0 — 102 —

70. to:;toFiwfra^. 205 m tes 30 L7»i
97 to . toe HmiLSmHrLte. 36 76 05 221 .45 25 ... w

Z-I ifar* to ton nun iri. m rrc m n ,c nn - ■"*

SHIPPING

Sept AwJrir. in Success 256

0511 . -

— 1 — to

31.33121

tssf&Mi I fpir«E®;i 1^1=1^. I

jum^nw. P fouSmiopII rl wSI E eS *• -. garages and, Distributors. .

T «feiaia- ^ 3 BsSf«'T as- aan

B.j 945 Iff 3.0 ji SE- BsSJSSffi:-.” ^ so zjiZ w

k* ^5- gH 1 ^ 00 fa-Q- 4M 53 ^S~ { 23) 81 6J tor-'-' July BSG hWLlflp^- ' H 125 01 i- 23 Oa

June Dri.. Pta^8ow»La.. £82 BJ 05%%)if 6.9 — Ajb - Mw. Bnid GraugSp 58 11? 4- _ _ Dee,

to**" *£2 Pl- aw .m” mw bS™u??S: 124 ' aldto a 70 so Apr.-

ft- J?* a<a - ~~ — m»y- - Noe: Brit Car And. lOp 133 2U +35 19 4.4 16J Apr.

Aw. Nos. PoiymarklQp— 3® ZB.9 _ I _ _ j^.- jjj CaR ms 50p ' 87 216 ' 45 — -74— to

^ fHMJi i«6:' waWSSS: »% nsai as 75 »a Mar.

Jan. Sept Powell Ouft5Qs. 247 . SJ 1(5 110 83 80 Jan. ' "Apd! Davis Godfrey— 69 5.7 40 23 85 76 ft

££“■ 9£ SLa ifh7-| C£fl Maw DectewhL-^ 42 159 43- — • Now.

Sept. . Mar. Pretffle Group. 156- - 28 (08. |20j 63 .73 . Ainst Gates (F.G.)__; '■ 60 pi 25 45 53 5.9

toe - Now. Pried»rtlS*s;_ Ml 17J 25 r| TSjis MJ1 SS SSSeW LiwT U1 _ _ _ _

Feb. Sent- R.F.D. GrOO) lOp 53 2t 20 T l3 75 (DA, ltoTunv Ranmr IjwTlfti 10 104 ni; 0 7 ^'4 1441

ItaMIUdgLlfa. 41 Pi 136

Lucas lnds.,£l_ 126 »3 HO

SelexIUIOASQp 37. li 01

Sqm&wnlQp. 32 3M KL8;

WbodtariU). 12 57 01

01 1-
h282{ 15
01 )-

-Garages and Distributors

ft £ ;

mw

UG ' Mar. June imwiwV Cap. —

“ . Japan Assets lOp.

ZUIU227 311 30 101 Mar. SepL JardtaeSec. HK5S.
76 +5 0 — ’ 4 — Not June Jersey Gea Q —

293 1265 45 26 83 May OcL Jos HoWIn®

— — — — — May Nov. Jme InW. lie. lOp

70 60 31 27 40 — Do.Cap.3i

6.9 d23 XI ,95340 Marltay fctpln«a**5e._

156 — . — — — Mr Feb. Keystone Inv. 50p

175 100 51 71-26 Nowl to Lata View Inv. ~

— — — — — April Lanc.fi Lon. low.. ,

5.04 08 28 Feb.

109 19.7 315 10 41 1

18% 5.7 s— 1

119 ajqsobc * 6.7
161 1210 Q1D.75 10 6.9

KCA Dririing — 53 29J b3.75

LH.ta.EiwW £550 - QS2O0
LaLAn.Ead9*te._ £555 — —

LASMD 353 29J tiaD

LASU014W98I-83. £101% 191 014%
lASB0“0w*Mb- 83 293 913913

62 & >"
to mt -

29J tiao 71 41(30) —

191 014% 128 130 — —

293 gl39J3 — 24.2 — . —

Zl M-fl 3.6 «_ 60 June fac. MnrieOBASLZS 86

— ] Magellan Pet _ 133 - — Aw

— luagnetUeBbllk- 51012— _ Sept Feb.

— mtetotallb. 78 - — 4 • —

W»3 «

= B&esdB

Keystone liw.50pf 208 70 1100 U 6.9
tan View Inv. ~1 135 | 304 415 U 4.4

1025c — 13 — -

6.9 05 —

194 9.0 16

I7J tlO0 29
28.9 008 -
209 008 —
70 75 24

27J Q30c —

r. Oa Law Debenture 85

Mwck LazanISdg. ResJp £1812

jg. Feh. Led» lm.Tnc2Qp 37

— Do.-Cas.5p 59

ifa- . Jdy Lon. Atlantic 96

L7( 30 1 October Lon. & Gart 50p .1 120

73 153 208

85 160 (45

1812 3112 4.2

37 21 4.48

59 - —

96 70 50

36 November itorskH-KrlKL £24% 45 qQMK 32 S3 * —

6.9 — Ofhhore 10c— 7 - — —

4.4 — Ohio Resources. 24 — — — — — —

50 JanAJuKta M&G»ta«0J)2_ 35 »A sQ4c 20 57 70 .

76 jMJUulOa Do.P3rtPdJO02 2J 2 2S.9sQO.4c 20 9.4 50 Oa Apr

— — Madrid hap. Snc.. 150 - U21 3.7 20180 —

173 — Orbit— I— 140 — *- — — MtaefifMj Eri- 25c.

- SSS?p 5Z 60 - - Newn^20c—

15 — —

59 I gcabc 23103

89 73 fttnc u ±

210 15J J05c — ±

18 - —

29 -

320 - — 1

12 -

16 -

10 - — — —

395 28.4 010c fi 15

182 Ml 30 25 24

17 - — — —

17 - — — —

82 — — HZ

|2 U9 S: + 70

185 122 to Z 15

a Z Z Z Z

SHOES AND LEATHER

to- Aug. RtBffcJGfliHb. 62 901 g3J8 '

SepL . . Mar. Prestige Group. 156 23 002 .

toe - Nov, Pritchard S«. _ Itn 175 25 ,

Feb. Sept KF.D. Group lQp 53 21 20

Jan. Aug. Radiant Metal, 38 - 28 20_

Now. Apr- Rank fan.; 136 152 100

to . July Redtm&tohaan 318 VS 190 ■ ■

15.d4ft_ Z1-Z]_ Now.
VSt 25 AS M 59

84 293 (SO* 16

-74 m 6.4 U

49 30.4 26 26

fiJnt 63 94.75 20

42 149 578 U

61 901 , 40 21
40 223 150 -
110 166 35 10

70 19.4 40 13

131 73 —

U9 ZLU 53

73 20 22

70 7il 375

96 3041 14.3!

AOft ndamBKtal_ - Ml ,20-/ 41 76 Jr Jn.V- JunelHarr'hwi (T.cj. - 70 3751 30

g»*.gT gn — T36 153100 IflliaMn to . Joty Hartwells ,61 76 h3.94

July ReddK&Cotaran 318 173+90 • -27 45 93 Aio:“ Apr. Herfys20p— 91 152 ±6.0

Fta teOtamGtaB. 106 |28 ; 07. 112 IMS Dec 6taHum(Clte 95 V5 ^98

June Read Exec lOp. 24 260a OO' — • 06 ~ to July Jtssi« — _ -i 22 all 120

Aug.tajdlnti.a^ 278 a2l40 33 72(43) Sn. H WTS

toe Relym y— 88 Ufl M38 21 70 97 CCL ■ . fctey Lux Sendee 140 SJ 17.0..

SlSKlfiP 511 ^ ^ 025% 30 20 117 Oct. April Loolcert . 47 KJ 305

Oct Renta* Group. R5_- — — May SepL«wte.Cwi%. 9%' 14.4 --

lfay? Nw. RangerlnK. UtaJ 19
Jo. toe Harrison (T.CjLT 70

194 05
VS 30

Jam toe teed Exec ldp. 24

Jin. Any. Reed Iml.Q— 278
Oa toe Rriyon 88

March Renown IntTK. 144
Feb. Oa Renta* favup. 85

h3.94 26 92 AS

iSt - »J =
120 — —
35 25 72059

17.0, 23 73 00)

SOUTH AFRICANS

13\ — June Jaa UM.fi Lenraa 51% 76 20

Apr. ■ Aug. Lda.fi Lomond— 111 166 140

Mw. Nov. Lon. & Montrose . 140 152 ♦—

Nov. June Lon. & Prov 131 76 —

Dec. July Lon. Prudential _ 119 ZL6 53

May Dec Lon. fi S'dyrie 73 293 22

801 89 June Dec Lonttn Trust 70 7613.75

Z«S2) Jbr Dec Lowland lw 96 3041 K.35

7.6? 73 Sept Mar. M&G Dud Inc Mp. 255 19.7 t215

82 57 , - Do.Cap.lfa>— 250 - —

331 62 July to Do. 2al Dual Inc Uh 98 70 708

90(50 — Do.Cap.4p_.__ 47 - —

^ — . — i*Btatos.Ta.a. 87 -

43au) Mar. Sep. MeUrixn hrv. 78 £3 +3.45

86 0LH Sept May Merchants Tat— ' 101% 293 405

. . — Mid Wynt Inv.Tst. ‘ 52 — MU

Feb. July Monks lrjvesL___ 73 210 2.4

M<y MonL Boston 10p 63 19.4 125

— Do. Warrants 15 ' - —

13 - 10

?4 z te5u 8 zLddz z =JSSt J L=J£. =J=

- 5 - Z L z z j™

97 I 30.4|lWjc| 1.9J 30

M 13 - 10 _ PentoteZZ 22 _____ Jwe Now North B. HBJ 50c. 125 1931 M18c LC t

.51%| JM 20 13 55 June Dec Petrocnnl2%p. 95 304 +25 U M U S ^77 T". 7.

163140 LO 52 - iPkLPei.il- 55 - M*7 Nw. Otabr«lie5ft:— 97 ».4 IWjC 19 30

li3 — — June Premier Cons. 5p 36 — — — — 460 — N L — — 44 _ _ _ _

7iJ — — — _ Ranger Ofifl 344 - _ _ _ _ — PpdffcCrmper— 48 - — — —

001 53 1 0 64 May Ott Rwal Outcfl aiO. £19ri B.9 wt0759i 29 82 43 — Pagawn 25c_.. 95 _ —

S3) 22 11 4.4 _ ifiSW ICS5ID_ 56 - Z _ _ _ — Parings M&Ex5p . 38 _ 4— — _

Til 375 10 7.7 _ SASOlSZZ 157 - Q24c « 70 * «W- Oa PetoSaihend 50c 296 153 QL5c - 03

tf.B 13.65 May Santos A025c- 316 124 06c 22 13 4L0 — PHnrtBBML_ » - = — —

255 19.7 1213 LO 120 _ MMfeWMl 32 - —

98 "70 708 LO H5 Z toSrtrMPrtZ 8 I Z "J- Z Z Z —

47 _ — — — Nw. May Shell Trans. Reg. 414 I 293 +205 22 72(72) —

87 - U. Aug. Do.7%Pf.£L 62 5.

78 2B +3.45 LO 63 to Apr. SIBarierg 176 30.

101% 293 435 LO 60 - fSomeipi OB . 240 -

52 — ML7 4 40| — IKlfjaftW-lBriJ. 28 _

73 210 2.4 0.9 4.7 — Stata Ofl AS035 19 -

63 19.* 125 L4 20 - SonraasfcPet— 195

<U0 “

Mar. Sept Rwtmor.....;..;. 94
to Oa Rrxmore 19

Apr- Nov. Rtearrio— . 550
July RodcOwbawlOp 12

Now. . May Ruckwre 64

— FWitNfltaUp. 106

Dec. Aug. Rawer — ...... 108

Dec. Aug. Do. 'A' 105

to July Rotaprint 2(to— 8

— teD&EliULS- 110

May Nov. Rowan fifioden 33
Noe May Royal Worts— 150
to. SepL RuueflfAJtfto- 158

MriK6.9l.55 dltU A. Jioe

» 30 .135 . 2J

550- 293 935 fi
12 6tt — . _

iS 1 S f

208 . .M 3 +435 S3

“5 « V- i

8.4 60 Dec.-. Jme Perry (HJMtn^. , 90 175 3.75

7.9 53. May Oa akkOLSJJlOp. 38 BA L45 ^ .. , _ , ,

fi 25 fi. ?May Tate of Leeds _ 102 304 L25 teuj l0j 27 May NnjUnfcec 20os— I lASaf | 69]sQ30c

~ r, “ Dec' July Western Mir. 40 1179

“ JJgJ JKy : .Nw^otoWJ — a 67 «l -J-J -I-

33 52 73 TEXTILES

^10— .rNEWSPAPERS, PUBLISHERS SjpL Mar.lAinedTeate_jl91 T16||.tt98

J Muorgat* In. Tst J 162

— 1 Irtty Nw.ltiger farts RlZ] 875 ' J aS®
27 I May NnvJUnisec 20as— I HSril t5]sQ30c

69 Q36c fi 17.41 fi Aug. Mar. Moonlde Tost _

65 KQ65c 3J 70 43 F*b- Ott MnrrayCaledonlan.

76 Q70c 29 9.0 30 — Do^B"

69 QISc fi 132 fi J*c May Murray Ctyrlesitale_

i7 060c 52130 - — DaB

304 Q142c 30 83 63 Apr. Now. Murray Glendevai-

931 055c fi 130 « to- Sept Murray Northa „

70 ©4c 16 83 73 - Do:*B*_;

3U 90102c 30 50 43 Apr- Aug. Murray Western..

63 28 33 j LO 7.9 Apr- OcL

a 168 U53 1 fi 9.7 —

76 — _ j _ _ _

71 153 L73 10 35 May Nw.

»S-I

Jan. SepL Rutsefl{A.)lQp- 158 19.7 U

Feb. SeptRto(U5p— 15 . 174 -

ft - *§ .U A

Jan. Ott SangwsGfp._ 35 12W B—
to Aug. Scam Grout— 166 53 73

Jy.OJaA. SdmtongerSl £2»|ri 8.9 0%c

«t toy Scotcres 80 216 532 i iu

Dec June ScoL Heritable. 42% 175 30 * 2J

a D ,i& iJ

Aug. Sept Do. ‘A N-V __ 160d UltiLlf
Aug. SepL Security Sendees 195ri 691H225
Aug. SepL Do.*A'l6V_ ^187«4 69 1H225
Aw. Ott Slam Ware 20p 63 19/11033

s abs M fiiv.

Dec. Jure Sflertnfght lOp. 55 5U H25
to July SUw’rthom* 10o.. K Ji s L25
toy Jan. Stepson <SJ 4 A*« 80 931 130

to - toy SWCl+ty 284 210 oMS

-ABESSit.lft

Aug. FASpteC— . 28 5.7 LO

Sept -Feb Suthetw P0Z. -271 23J1 4123,

May Itow.Spitrwj6.VI.nfi 50 216 035
Nov. Aug SpatrlJ.WjZ- 58 ZLO 6.0
to JiPy Spmer 6ws_ ■ 15 37J 10L75

June Jan. Spring Grave— 74 76 40

May Ore Staffs. Rate— 17 Kjfojl
- DaJtafaMMfl 88 70 1ML

Ott May StagFuratere. 90 293 50

CL? _ 53 -

H % £

_ — _ * 1 Apr-

I i l l;

<B ft.

u Now.,-;

M to. Dec

m »'■ Sept
12 s

153 196 b«37

183 19.7 100

75 13 5.78

100 3L8 42

118 28.9 539

223 : 26s2275
240 293 73

175 293 73

388 193 300

88 Zli 368
23 - gl-33

88 -15

115 366 73

155 162 925

58 19.4 50

75ri 6.9 0U9«
375 216 HQZLTc

233 19-7 tlOO

145 293 M2

iTDit.T 93 2610 163
SmL 1132 . 216 33

IKFJ2B5 168 30
imp!) 445ri 69 +80
185 19A 12.0

44 m 25

to Aug- Atkins Bras. 59 37 £J

Dec 'toy Beales <J.)20p. 44% 5J 13
May Nov. Beckman A. lOp- 74 911 5.73

May Now. Brit Mohair— 51 114 4.0

to toy Burner L'nfc.Xfi. 41 173 702

to toe Carpets Itt5fa- 17 . TO —

May Nw.Carr'gtnViyella 8% 2SS -
Dec to* Coots Patens— 57% 17it 40

Oa May Comb — : 52ri 6^12.9

to toy Gnurtnulrfc __ 69 W 3.0

Mar. Sept Do. 7% Deb 82/7 £83% 2ffl Q79
.toy Crowwther(J.)„ 19 230 —

90 —

63 _ -
(Hi Do.

SS JS

— Murray Western B. 88

March NegttSJLSLISl. 475

— Ne*ta'ta.TiL5tfi. 73

— New Darien MTsL 54

l Aug. New Throe Inc _ 22

— Do-Cacll 226

— Da New Writs. . 21

— few Tokyo Inv. 50p 94

66 — — — — Nov.

150 111 3.0 fi 2.9 —

79 . 28 L95 10 15-

75 - - - — _

94 2U 2.5 10 30 —

toStemtoa-fWil- 28 - _

SrEtaOfl AM35 19 - _ _ _ _ (fit

SamostcPet— 195 _____

US>*(UOteriflti B5 - — —

iTR Energy 61 — — — — SL1

Texaco 46%Cw_ £52% 293 Q4fi% — 793 —

Tiber Eoergyll- 167 — fi— — — —

Tri Basin ResJJ. 80 — — — — —

tTricentrol ISOrr 19.4 tB.4 44 60 45

IS

Ei§l

143 - Q5c - 20

iro - — — —

56 - fi-

^ i = = =

2tar - —

12 Z Z Z Z

1C3 15L5Q2i5c fi 07

ii (Zj Z Z Z|

Q13c - 16

54 153 s015 7J M{

22 216 2.0 fi 13.0

226 - - - -

21 - — _ _

W - - -J

May Ultramar 438 lii +130 53 53 40 * “ AmriWo^taLB- .g

— Warrior RtsJU 29 - Apr. Nm. Ayer Hltam $M1 . 155

WeeksAust— 12% — — _ _ _ — Seew — — _ 95

— WMbffi^SilOe IK 216 ZQlOc — 3.7 — — . ^d4BaMl2%p.

— Do. PTltaL) lfc 158 216 QL92 — 12—^7 to GopengCos. — 310

Pal 35
A50c J 48

Mar Aug

June July

«* — «---

OCpCCflDDl

OVERSEAS TRADERS

rican Lakes

1928 Invest 94 175 4.75 LO 72 J

Nth. Atlantic Ses. 332 175 H2.75 — 30 Apr.

Nth. Brrt. Canadian. 135 19.4 51 U 5.4 Jan.

_ — | — 1 June DecJKJBsa. American _} 152
— — f — | Dec Jiiy) Northern Secs I 228

HarftSeataris50p_ 324 - 25
Nthn. American _ 152 761+5.0

43) Am-
72) June
93) Apr.

JOH & Assoc lnv_
JOutwidilm—

JPentland Inv.

iPnsdqusMeMsTst.

.. _ . Ftedom MelNsTsL. 90

July Crowther(J.)_ 19 216 — -H — — Ore Sept RIT50p 363

Frb. Sept Dawson Inti 129 57 60 27] 6.^ 60 Dec Sept RIT&Northtm_ .137

Feb. Oa Dixon (David)- 106 732 d9.95 0.4034 — Aug. Feb. Raeburn.: ITS

Now. toy Eshy'snAwreylCb- 20 VS 10 LS125k&.9) Apr. Ott Rightr&lssiCm. 61

to JiriV Foster (Johrfi _ 25 732 03 — 29J~ Oa Mar. Rlwr&Merc— 133

May Nw. GafetflTiDMdfi . 32d 69 33 12H3M 7.9 Sept Mar. ISver Plate Oef. - 116

Apr- Nov. Kicking PU.50P. 44 13 4.0 13034(75) Apr. Nov. Robeeo(Br.)FI50.. £46%

to Aug. HUwns 42 732 35B L6p3p.7> Apr. Now; Do. Subifft F15 464

Oa Mar. HlWthM.20p 16 168 0.75 L8j 6.7 QDH - Ott Rollnco NV F150- «5i

Ott Mar. Do,‘A’2Dp 12 166 035 L8j 8.M Oa Do. Sub Sit's R5. <B2

Jjiv Aug tnwam (H.)lCb_ 15ri 69 — — — Aug. Mar. Rmnney Trust— . 326

few. May towM(HWgs3_ 82 931 6269 25( 4ffllL2. Apr. rtov.|RasedKnond lnc_ 61

to. July Leeds Grp- 92 U f&5 30} SAl 83 — . ‘ _Do.Cap 185

28 2L6l 50
81 19.7 3.85

8 aM225
761635

2-9 to
4.7 Feb
3.L JiRy
60 July
4.7

51 Aug.

I vwlwE "

Iffl 63 to
— 0.4 Apr. Nov

09 83 Dec
16 60 Apr.

10 50 Apr.

LO 56 Ma*

1.8 33 to

as *

KUIhc*a«SMl_
Malaysia Mng.lOc.

Pahang

PentfalenlOp—
PaSzling SMI

— 5qraeCotp.$Ml.

SepL Mir. rmgtahH^ iftu
oa jiseTroiah SMI-

Miscellaneous

to Uster_

JUnve (Roberta.) 32 20307

dLyin (S.) 2fti _ 80 &10625
Jhuckay Hugh— 47 2d 4.0

.01 — 1 ILM — Dec June:

— I 3» I 304 50 UN 70

m

May fiJnr.

— fiStarCcwL
few. Apr. S»re«ey.._
Apr- Aug. Sarltag trit

125

MHIds- 43
Serw-Kfi 109

70 10% - 163 — Apr.
293 50 1J 7.910.7 Ott

33 633. 3-4 7 A 5.7 Dec
HUM - J - -

— — — — 27.4 to

a ao f u • to

293 103. 13 33.0 95 Nov.

S3 L75 07 73 0« to

153 16.0 ■ 4.4 69 30 to

Di 1405 33 64 ;M ^Secet*

Mar. Sep _ .... —

January- TaJ6ex5p— .. 3\ 11*781 — _ — — S«t

Mar. Aug TSLWmal Synd M M-71 +70 00 1 (Ul) toy

Jan. toy TbTJnm Vc5p. 9 0TO Apr.

June oaTWTO Mile inv.. 36 2Ldl38 -14 6215.4 August

St JP fl'W

to Aug. ToothHI RJW _ 80 ».7 65 33110 19 - - - —

Jure roye..... ... 40 M.4 L7S 00 62 JB» Jan

Feb Aug.TrafilnrH.20p. 132 175 162 2.4 67(75 July

Now. May Transport Oev. . 74 146 425 15 621113 Sept

kltaidiBB.j £10% 29fiwqu% .fi 62 fi Aug. Dec Cropper (James). MB
PacA60cf 104 Q76c il 73 65 April DelynPack2Qp 24
it 1 180 .21 «0 .10 73100 Nw. . . JKy DR&- Jl

PAPER, PRINTING
. . ADVERTISING •

(*AJ3Llfa>— . 37 flSJ(W3
JWy Assoc Paper— 70 175 +2.4

Apr.Arit&WInrg- 35tf 69 +125

May Ban rose 135 163 UO0

Brit Printing— 36 - B-

July BnJtvrlflfl Grp — 93 2U1 d4J8
July Do. Restrict 70 21114638

June Bund 183 19A 80

July Csuston(Sir J.) 30 76 813

Aug. duppaa lads. 5Do_ 165 3J2 65

Oa Cliy(Ridm5r 62 293 LO^

her CtondaiidflGnifi. 52 1LU 0 353%

ur Cradley lOp 25 26.11 303

Dee. Cropper (Jww). -MB ' W 30
7 Delyn Pack 2Qp 24 5.7} 10

. ... Martin tA.)20p 37 . ....

Nov. Jure MHIer(K)10p. 96 364 244 32 30^123 toy

Sept Apr. Montfort 28 219 iLO - d — Apr.

— , MumonBroslOp. 3 3J 2 28*25 13 1ZS 95 to*
July Dec Note. Marfa— 386 175 +45 33 3-S 9.9 to»

Mar. Sept Now Jersey ftp- 89 167 53 30 80M2) May

to June Parkland ‘A’— 40 7i 33 1613*7) toy

Oa April SL Andrew Tst- 1SB I 100 6J

Mar. July Scot Am. Iw.Sfa- 144 ( 210| t4J

Dec June Scot Cities 'A'- 236 1 19.4 1U

PLANTATIONS

Rubbers, Palm Oil

01 | — 1 041 - (Apr. Oa Scat EjssL hw— (

JScot&MereA— 166 L3 gB0
JScoc ftBort. &Tsl 171 375 53

June Oa
Mir. Oa.
July Jan
to Aug.

6ex5p._~..
.Ttrinal Synd
Times Vc5p.
rd Mile Inv..

175 60

Apr. East Lancs. Ppr 49 161 33

Now, Eucalyptus 230 384 6.0 #

Now. Ferry PWclOp- 76 M-4 U2J6

G.B. Papers 22 Hi ‘ ■ ~

May Geers Gross 138 Ui 02
Kood ReixttlDp. 9U 63 u23
- . Harrison Cowley- .- 78 -38.4 305
r J4-CJL Hfd&tb. 26 15 015

Feb McCurouoSeSfa 180 74 180

Now. May Transport Oev. . 74 14-5 425 15 82111 .Sept

- ITridcrtCwplOp. 83 2311 tdl.O SJ L7 142. Jidv.. Dec

to July Triefus 44 216 003 - 20 - F-LS-D,

New May Turtar&Ntw.LL 24 289+3.0 — fi — Sept Apr

Feb AugUW)taL_^ 12 294 - - Z Ayr. Sept

Dec May Untoer___. 635 19.4 2607 36 *i W Mac Oa

Dec May UnV N-VjRL 12. £28% 175 iQStt2% LC 72 40 JM JJl

75 145 371 35j 9.9 tom Dec Sort. NaHoual— 106 7J+a.i

IW 53 80W2) MW Dec Scot Northern _ 96*1 6? 3.53

76 33 1613225.7) July Dec Sea. Ontario 89 175315

69 134 L5n03|(7J) Aug. Mar. Scot Utd. Inv. 52 16ffl+Lo

15 L45 03l2-9 — Apr. Ott SecAUIaneeTst. 288 li OO-

69 d33 4,41 80 31 Dec June SeaaHlesT.Sc_. 121 I? 5) 51

Mar. Ott ReUMce Krri2flp 2 lad 64 154 15 105 [7 J) Aug. MarJScm. Utt). In

May Feb RWarts lflp— ' 16 Vi L45 64129— Apr. OdJSec Alliance

Mar. Ott S.E-E.T. 2Qp— . 55*1 69 <B3 4.4 80 31 Dec JmSSeoaHlesT

toy Dec. Scott Robertson 20 76 0.75 — 5.4 — ^ tom tericctSttta!

Jan. Sept Sekerilnt 10c 20 197 10 00 71 CD) to. April Shires |nw. 51

to July SterGUrmlOp. 14 363 fac. June SPUT. Inc 1

Feb Aug. Shew (tapes lfa. 16% M.7 01 - 0.9 — „ — ISPLITCac!

to May Sirdar 133 293 Ml fi 45 fi Dec Julytetrwrt Eta Im

366 iji qr a TS cqi August AnghMwftwes’n _ 65

171 375I si ia w S

306 JJUJi It Sept Bertam lup— _ 42

% 69*358 fi 53 F <*- toy CasdefieW iqp__ 350

89 175) III Lfli 51 Apr- few. Cons. Plants MJ05 4H a

52 uiti ti 44 tot Grand GamnllDp- 3

zra IStioi *151 Kf? teSESKM^ ^

— AnghhOombdon - 37 - — 1

May Burma MteeslOp 14 304 035 14 50

— Colby Res. Cora. _ 115 - — - —

Aug. Feb CMS. MwcblOc. 260 23121060c L9 fi

— KExptaurafajtd- 3 - — — —

— Highwood Res. — 85 _ — — —

— Northgate CS1 235 977 — — —

Jan. toyRXZ. 407 74160 10 57

to ■ toy 8s*lCBihU75a» £99% 76 Q9%% 23 J <90

. — Satan Inch. CS1. 32 - — — —

— »SoutteeaC.lCp. 39 — — — —

TIONS . ■ - [Tar, Etqrtn. SI 325 - j

*alm OH notes

I last I M* f ITU Untas otterarta Indicated, prices and net dlvideodi am kt pence and

Mw I d I M |6V [8r1 dn«*Bln«tioniara25p. EMantadurtcaAandngi retire and caw n aa re

, _ . . based h lawt amul reports and accounts aud, where pontoir, are

65 I HJI 10 [ — ■ 22 updated on Mfyeariy figures. P/Ea are okadaM on “Wt”

54 214 32S mi cm bbmduum hw, renHogt per snare being compute) on protlt after

42 169 008 li 30 taxation and mael iew d ACT wfaere applicable: bmeferied fisam

SO S3 +5.70 L9 2.9 Indlnte 10 per eeut or more dWorence IT calculated on “«U"

4Uj 153 rill63c fi 82 fflstribotkuv Cowers are Dosed on “madman" distribution; put

3 1211 — — — compares gross dMdond cotta to profit after taraHot. taking

§0(1 dUribution bosh, eamtags par share being computed on profit after

esc - 24 1 ft l !2? fisvsssiySw

132 74 310 M 320 I &

178 175 1152 10322 ?“-

HarteBMhl.EsLlft) 160U 69fi80
HigWandsM50c_ 52 19.4 Wc

Kuala Kepong MSI. 41 168 vsQlOc

Ldn. Sumatra lOp 235 74 480

71 eitepflorai proflts/lossts but tadudbig estbuated extent oT oteettabie
69 ACT. Ylekh are bared on oridrilo pricas,ar» woss, ad.tasttd to ACT of
50 30 p«r cent and anow far wbie ol declared astaRudonaud rtgba

(Mafakuff MSI

to MayiShdar 133 29^d42 fi 45 fi Dec Jidy Stewsn EtalnvlOp,

May OalSmall AThtmas 65 153 03 — J LJ — — STxddeo Far East 5L-

U2 ri _ rrr Apr. oautoPtataMsi

4,0 J • “Tap" Stock.
SJ | * HI*b an! Low

Higbiant Lows marked ttia taw breo adjesad t» aflom for rigtti
hums for cssb

_ • Apr. SeptSoBSstewRllfti. 27 361 L75

23 ■ toy Sn- VhcusaLlZOO 28 775 —

90 May Ott Spencer (Geo ). 19 28.9 01

f -4 Apr. Ott Stirling Grp. 20p. 72 tk 69 LO

12 Apr. Nov. Stoddard ‘A‘— 9 U -

- to July Stroud MeyOr'd 63 28 SLB1

J«e No*. Sumner (R) — 5 ISij 02

May Ott Stabeatn Wohry. 20>d 69 014 4

Mar. SepL TerfhIJrsy.lfa. S 168 40

Feinary Tomkinsons — 62 7J2 30

Feb July TbotaJ 29 69 235

toe DecTorayYSO 80 57 QJ1>

'Stackhotders lnv_ ‘ 142 j 7i 3.7

TRAHtraJtaTrwtJ 137 I 30.4 33

50) June Jaa Stockholders lrw„

_ Jme Dec TR Australia Trust-

— F 11 A N rRDtyul LflodonTsL.

fi Dec June TRlnd.& General _

_ Dec June TR Nataal Aswces.

75 Jure Dec TR North America.

End IwiCSs. 27 263fl 0.4 13j 21]

Far East 53_ 94 7J2) — — J — j

5.7] fi Sept Mar. TRPadfk Basin. lOftaf 6«Ns20
00j 3.9 I Dec Jure TR Prop. Inv.Tst 81 I7.SN22

06.4W 2Oll60 19 Dec toe TRProj
40 I 27ll0.4 41 Dec toe rRTed
30 L7j 6.9123 Feb Aug. rRTrns)
L35 12010(9.7) Feb Sret rettnoi

5J19q 20| 14 24.7 M" ; fat Towdo

Prop. Inv.Tst
Technology _
Trustees Coroo-

[42 7il 3.7 10 3.7

J7 I 50.4) 33 U 43

89 I 175K5.9 11 80

78 741 30 10 55

07 74j u675 10 5.8

Dec RigtflwbelOp

— Rowe Evara Inv. IO53

— |+S*npanjJi»2sp

150nl id LO I fi I 10 I J !"£J" bweore d or w aned.

\\z -

186 I 175(625

oa ' August Assua'Dooan£l.l 245 5L71 60

2.0 Noveatfaer Assam Frontier £lJ 305 57 filO.
1? November Lawrie Ptants dTI 390 12K 200

81 173822 li 3.9 Noveoow uremje Karas

l lH Sli ‘"s.Hiaate

rd Carpets. I 27 J 879 — — — fi I AP»M Now.

671 43 69 30

- [Oo.aipcCmJ’L W9M2I 103 _

MefodyMHb— I 141 —

More OTerr. lOp 88 ■ Di h296

DgUvy&M.$2. £21% 24 05156
□Itvn Paper 20p . 23 -13 02

SaattfdUB 460 175 b80

Smith (Dvld) 20c ®T 168 70

— U.U. Textiles™ 31 — —

Jaw Dec Yoridyde2Qp — 278 UJ 165

— Mv. Ott YorW5reFln.20p 16# 1T79 —

U2 oa May YoutfaJ 5 977 —

4.9 M».

- I to. Cap. £1.

— I — I — I — Mar. ' OcLlTor. Invest lnc_ 331

167 - -

123% 152 60

(3.95 LO 8.7 WW fe*0fa«m£l— _
1258 (L7 123 j J“ie IWUfiamsonfl.

I _| fi Interim since reduced, passed cr deferred.

_ I I fit Taodre* to uoo-reskfents on appOsatloc

1 * . fi Figures or report awaited.

fi USM;ootHsled on Stock Eathangeand compaggruotsdilectedto
same depte of regutation as fisted securities.

» Dealt to uodw Rule 163(3)- i
. n -_.<•> A Price at time of suspeustoc

Axn n *^1 H 4 Mkatad dMdend after pendfag scrip and/or rights taue cover

TJ H rrtatM to preview dMdend or forecast.

2D0 1.91 73 fi Merger bM or WBig a n teM oo to popw.

330 0W13.9 « Not canqnrabls.

to SepL United GuJto- 133
May U. Guarantee 5p- 15
to Jo* United Parols . 225

Jan. Oa Valor 59

Frb Oa VWenGrp.aOp 293

July Dec. 'WRtoboralflp.. 11

Jan. Aag W.G.I™.»__ 116

(Jeffsaj.l 52

7J2 45.95 2J 60 00 to Auo. Transparem Ppr_ 20

SJ Z025 — 24 — to Jn5 Usher Waflcer lflp. 59

43 32 2.913.9 Nov. toe Mfece Group 2fa. 13

Si 302 ' 2-9 7 J rail- FA. Aug Waddlngton (J.)_ '88

J6I 21 29 LCSLT Nof. May. Vtfatntoughs — 175

20 154 —

59 175 429

13 295 —

88 lfli D5

75 120 505

TV to Ju% BAT Inds

64 Nov. Mar. Imperial

to Sept]fettn*8sl2%p..

TOBACCOS

1=1*™
sl2%p.J 106 1165]

mm

— I _ I _ Mar. Oa Do. cap- mt

Fta May Trans. Oceanic — 87

Apr. Ai«. Tribune Invast — 105

Ott Apr. riptewst.lttc50p 75

— Do. Capital £1 _ 363

Feb Aug. Otd. British Sets. 109

300 28.9jO.91

87 19.4+25

105 nr +3.0
7S HJO7J0

7J0 fip j"

Feb Aug. Otd. British 5ecs. 169 M.7t 7.0 * 5.9 1

16054 May Aug- us Deb top 121 293)592 Id 70 _ .

10*62) Mar. Jtay US. AGereral Tst 315 67 - -1 - *«■ 1

MINES

Central Rand

February [Durban Deep Rl-f £25%[2U2»

n. FebJEast fend Pro. TO. J 7B8 ) M4|

jRandfoii{)i Eat R2 £39% 2
1 Skiver 4 Jack RO02- 200 -

73 | _ [43 fi Siam interim: redoced final and/or reduced earntare imflatod.
8.494 — [H0 i Forecast dhridrod; cover on tarotore updated by latest interim
|50 1 — fi a f t em afl L

25 I L5[ 9tt fi Cow aHomsforcoacnlH of shares not now ranking for dMdcnft
or making nrty fur restricted dfitoend.
ft Cover does not aflow tor (tares which any also rata for dhddend at
a futm date No P/E ratio uRalty provided.

II No par value.

9 Rate applicable to rotvZImbaiarean residents.
tf YWd baaed on a w n apt lon Treasury 6M tote nays on ctan ged uMH
CQfiSef 64) i maturity oFstota. a Tmr fret, b FIgrmtased on prespectm or other
feOcu3jq fi offldal esOmata. c Cares, d taUend rate paid or payable on part of
17500(3019-4 cmirtaL cow tased on dMdend cn full caprtaL • Redemption yield.
_! _. t FUt^ettg Assumed dhrkhmd and yield, h Assremd dMdeod and

5.9 35 Jw?. Nov. Vking Resorews.

March W-Cd-ATenOOp.

Wemyss Inv. £1 _ | 352 I 175)200

.13 1-^ ??

Dec. j<me{ wade Potts. Ifti. 35 20 ®J 82 (B.4) DDODITDTV

May DectVteUHr Hmr. 5p _ 4 1179 — — — .00 rKUrtKI-T

JI- 5^* j? H .£*. Jrfy DecJAlTdLonfM ldpJ 88 W)-«J5 32[ 22jn.7

**■ ?SHB5SSfmiS: *S Sr Sc Hii-Jfa Sept AHnatr London. L74 ZUUiS 2 214^15.9

Frb. Aug.nVatnnKltlDp .8® W <05 22 62 100 AmaL Estates- TOi, 3 1 _ _l —

Mr BtefeMrafiac.' ,22 %' U MM - S?J mSt. to auJfiM * *J •

TRUSTS, FINANCE, LAND

Investment Trusts

Mar. Wmteitottom 5p .

Aug WKanlnv

SepL Yeoman Inv

Dec. Voria. & Lancs —

47 251 005

73 24 ZL

137 U 676
2£% 74 20

200 Ltf 8J
045 11 10

11 Lffl
676 IB 7.0

Mir. Sept
May Noa.
May Ott
Feb Aug.

Jan Aim
O tt May
Mar. June

t| 13*2:5 ft SSfeSS® itSSo t iSlifs ft feSEte 1 **- X SHui iSH ”

ranRAngeL 353 301 5-D 50 21 320 Srefito!L - - - ft ^ 99 as |of rS 44 Bee

IlSZI W 4 'L — - — . — . g**R®*RS 4®* W U01 y 30167 Ott ■ mS All lance T^t 32Mm IJlj 4.9 Feb

as= 7 “ I?! d.,u ~ at ^ HUiu as aisw!? — ,2 i* 3 " ^

Last} Mr { IrU

4 | Mt | On | Gris

YoungCo'sIrwXl.l 337 ] 17j| 64

Finance, Land, etc.

Mca | d I Net |Cta | Grisl P/t'
163 I 1691 60 I * I S3t 4

Fob^Jt#

■%&

fe». Mb

WHkesU.)— 70- 175 4613 — 04 — **

MnOttocMadvii- 8 SK fi- Sec Aug

fVWmSnUCb- 12 - — - - fi ST

WUItens 17 23.12 fiLO — J S Ott

aesfttt *idB.-aaKS a

VSSS& S- sB " 5 suvft-js

1+Zygal Dyn-Vl 90 -~dfi.75 73[ 12jl32 Z]

Apr- '• 'ft*

INSURANCES °£ *

Mffitotetr £12% aTJQSlW - M-r-

anaEitoiWa. aiwa ij feOH - - ft ffi

BrMW* 94. 3% 21 7* - - - - ^

Wte»lc3m_ 232 164 +1613 -.80 - . — ■

Cw^artJntSL 02% 2 JQSLW - 62 - lu, "**-,

Comm. Union _ 327 293 210 - 130 -

BrtjjtetPwy)- 174
Brad f ord Prep._ 202.

174 U 70
202 ZL6 5 0
79 164 05

£268 me 012

■Dt-UpcCm. 2DS £268 115 012
Brixton Estate- KB 74 33

62161 ST
30132

a? 161 _

140 — Art 1
69170 _

Db Capital

Ambrose In. Inc.
Do. Cap. _____
American Trial _
American Tsl *B‘

?? S , aSS ,M, |9» Mar.[AngtoAm.Sra_.l 139 I 19.7| 61

I Prop 20). 1XS. B1 10

uRntlCh 10 - —

l i£j79i 5-S “SmT® ' J “* Dec|Anta>-Scat har. _ 71 170] 2.4

tecta ap. Hi H aiSi *** Feb AiSbnedS Inc. _ 80 216 t80

srfWd— 335 7i 7.25 14 3J»1 _ Do.Cfa.50p— 56 - —

hb’nrEst- g5 57 13.0 00 |0 (B0 ^ Jane Argo to». (s£)_. 102 511 013

530 »J {140 34 30 94 Aug. Mre.iaidnwlnv -203 S3 16.9

•WefalK. Ill 304 40 3J 5.8 5J __ AamSpaeiM . 2S

|Migi2fa 2» MW ' Jtetary ' Atlanta Baft. lOp- 76 2311 LO

ISea-lOp SB 2| 276 L2 304 (U0 October AttonttcAssesZ. 62 268 03

fcrnT.lft). *2 168 09 04 3 J - _ MHe EBml J nm 74 —

MCwfito. 9 M *l ~A N.F.ItyJku. Bankers* lw. ■ SVa 294 3.93

ftlfcGlb. m 304 94-9 20 65 72 itamber Berry Trus 100 19.7 L7

jPjWtoS. 157 197 4.75 3.7 43 61 toe 97 T4 30

tevCoronO. 40 715 B- - - - May Dec BortwTstta. 30p 38.4 +27

tensity. 34 37-5 125 L5115 70 ja„. Sept BremtaTst.__- 58 74 2 2

snraJ — 57 - — ~ ~ ~ Apr. Sept Brit AuL&G«n_ 55 160 25

— TO M-JS2-W 7 A 22 MJyO to British Assets ._ W 69 440
t Aflary- 5.7 10 U 12 - May Nw. Brit Eap. Sic. ty 35% »« (185

W HJ 325 1.9 4.4 OU) Frb Aug. BritInd.SGen.lm 136 74 50

»mp.hib. 32B. .lM IS * 8.7 4 Dec. ja* Brit (rent 178 276 92

Ltads™ 61 6. 225 22 5J322 (Jtt Apr. BroatttsneUOg) 2l2al 69 7.45

l|ERS.5ty 9« 6J ♦ 7.2 fi Apr. Aug. Bmmsr liw. 83 67 021

ttstovi5o ,16 IW fr “ 7. - Oet An* Catedmda hm— 425 166hl3J

tiwd % 50p. 1Z2= 57 5.0 13 5.9 226 ^ Dec Cambrian wfGra.. 28 67 tfli

(H)iop. ?6 1SJ 125 35 4.7 66 May Camellia Irm. lOp- W 163 60

E0*t5p._. ,1S2 ~ - r Sent Mar. Cental DW - 94 ,2i 03

EADtaia 1» LO 32 12 »0 to* fat fatter Itw 113 19.4 4.6

•rton-A* MO 304 833.0 12 32 303 Chwl Is. Inc. £L 222 293 Q4ff

pPraKb. 1U UMW - - DaCfa. - 207 3« -

8»l0b » 19' 69 Mar. QarterTrtst 80 i7 3^5

tdHK525 » M 35 92 _ ChBdHta«b£l_ 140 - -

■rfaMy.. » ?r |i j, VK‘ SepLCftyiCoatot- 3S a 29J 129-

n Invest- ^ — OaCfa.CEl)— 266 — —

I6P.JMB- 54 2311 tbl3 SJ 29 44 _ “ity&For. lrw_ W 21 —

tebtiUp a - - -24 Not - toe OSy of Oxford— 112. 37J 55

•rtpertks. 386 293 40 LJ 35 2X3 u<r. Sept CtevorhoueSCb- 135 2i 655

iflSiME. 004 - ^ T ^ 'Aw ConUnwtl&liid. 284 216 Ufi

overt.— «% 1W 10 fi 30 * March CTOs'* Japan 5Qp 268 Ui 15

^-£1- Zg M « P Hat. A*CrosswSZ_Z: 125 160 60

ahSOc 387 142 fQJSK fi 60 4 . — CyttIcFfiMsisfl 103 — —

«ablfe. 408 331730 16 12 Aug. faraflrcJ 43 S3 40

— Sept Apr.li

99 20 297 LfU 40 Ore. toe Artfen Hume— 163 169( 60
326a) 6911LS XB 4.9 Feb July Akn»ti Smitten. 276 174 fl30
72 -170 725 10I1A4 — Artjyte Trust.— 37 - —

194 mo 0.36 IM 03 Decasber - Authority la 2ty. 80 1275 —

68 74 75 LO350 . ~ BonuSDond 47 74 30

95 — — — | — Mar. July Bntamtia Arrow- 40 29J +L5

65M 69 225 Llj 4.9 Fib Ott Certroway Trust. 60 lug LO

U 111 — -H — to Jttj * Energy ft a IDu. 35 13 131

139 19.7 SJ. L2| 52 Mar. SepL Hofte&ltaQSfflSl. £71 1U Qfe£

46 168 52 09062 Mqr Dec Engflsti Assoc.. 135TO 30

« J^SvJ Z UTA I L I. 00 / Mat- .-j r-J - §« <"*■

?_ June Dec.
H Aug. Feffl

71 US 24
SO 2LUI8.0

530 303 +14.0

111 30.4 40

255 14.4 195

38 2J 276

J» to Eagle Star,.^. 326 76(15.0 - 67| - ^"e

Sroniber Edm.Cre.lo.lty« 8 Z3JM 0.L — ^- r — 5e * rt_ _ F

Jure Det Ecetea UK9%to.. EW 176 09% - Ri! - . “

Jin. to Fourty A (jnr5p. .486 175 150 —

to tofiSttaMerol m 375 1625 - O - .-Mr

to m3s.R.E~ 322 . 176 +170 .J* — ft

to fat Harobra Ltf* 5o 260 175dU02 - S3 - ft : £

to toHwfttC- EJWp 327 70 13J 22 67^ 9.7 ft *

Ott M3 16J 60 17 BjJ.M ft. 0

r l» rtM TO lMlswt <u thnlMBh : trite !“«

ret Sac*, la. 38
ytewT.lty. 42
llm&ato. 9

iDwCcrpnfi. 40 710 —

[Esouslty. 36 37-5 125 Li
nenra.-— _ 57 — , —

: 123 5.130

J 57 IlMfcTO

76 2361 30
e si 03
74 -

89>a 14-4 3.93

Fw Ira- Ctofi. of Ireland sh trite

-to Jam [Legal G6*wral-| 292 | +130 - ,63- ft .-rr-,

Oettate ■ WtytiteSAM I £12 ] 163 rtOUfi — Ul — : ft. ftl

few. MaylSrSmAMw,.! ??? I 119 _ — Lffl --

■Wf. reiunmiBW. — rmmnuhi-

J fMAtt L SEHUn OHa 77 05220 Li 6C 111 J “*_ “‘"ISwpSSLt m

Nm. Jure MbWHWSt aOfr W 17J 24 4.D 130 — « W

t ttBSt—* rn A JS B z H z E . eMSBB »

gfefi £fi= u- -reTsB® 2 ' a

aS - 175 Ho U 70 ILO «“ fjgj fa

ISfftB 5 BS "8 r ft toffisEaZ m tj w

ISSJSb" £§% §7^4 Z u Z : *E /"SitaJS ^

JSffiiSiz «* 30 5+^0)27] ^2j ft ; JSl^SS

^ ... ■ .LEISURE. ••••• ft' SStecSS S % 65„

ta.AGfa.2ty. 57 1WL75

attProp.HK. 328 lW 70

Bam Leeds— 61 67 225

HlntoiBtt5ty 99d 4.9 50
(MO>Is(m 50 16 12« B-
CtPtrtMdSOp. LZ?= |7 50
5rren(R.)10p. 76 ^ t25
CtteflOM5D.rt. 15% 1TT5 . —
SSSr Otaa Kf Ui LO

H^tericn-A' MO W uU.O

WantetorPitoKb. 1U 74 fad90

19JL75 1.9 4.M0U) Frb

Mis *.8.74

Jfa . to StfiANIanarU 798

Dec Jure l»FabW.— 482

173130

r3«j

J 40 October
N14J Feb

Ex Lands lOp” *11 2B0j~O6 2Jd 82l

FatetoaACen.5p.. 2®. 16214.4 *|ia|

ftamtae Trurt— 180 535.71 si

H jointon Ttf IQ* t ■ “I

ia! 70)113

fi 106j « . .

23 53 93 Feb*
6 2JA A rrt.
16 5J 69 Feb
50IM - Feb.
41 32)100 AW-.

West Rand Rl 181 WwiScj 6»| * ^

4 Earobigs based « prefafhreyfifim. * DMdend and yirM esefude a
Eastern Rand sp«w paymere. + Inflated dMdend ; cover retain to crevtoia

1 «« * dhddHtt WE redo based on latest amual varafrms. a Forecast

— ■ 169 293 Q41c fi 128 dMdend: cover based on previous year’s earnings. * Sntatt to kcaJ

i5c| 12! — — — — tax. * DMdend cover In access or 100 Ume*. jDMdend and ytoM

— 105 97 — — — based no ■wrger terms, r DMdend and yfcW bidtvto a special poymeTO;

1 379 17i QHOc 14 140 Carer does not apphr to special uejmenL A Net dMdend aid yield.

560 57 +Q147c 13 t 8 Preference dtvManl passed or deferred. C Canadian. E MWmm

781 2 13 OT27C fi 83 tender price. F DMdend and yteid based on pinpectus cr other

158 293 Q35c fi 1L6 ofncS * 1 estimates for 198344. G Assumed dMdend and «fc V after

160 57 W53c LO fi pendUnp scrip and/or rights Issue. H DMdend and yield based on

292 16B +Q40C Lt 60 prespectos or Other official esthnates tor 1962 K Ffaro tased on

140 57 030c 6.4 1D.7 prospectus or other official estimates hr 1481-82. M DMdend and

fitt 29J Q313c fi 90 >Md bread .on pros p ec tu s or other official e stima tes for 1963.

gj n g _ N DMdend and yield tased on prospectus or other offldaf es timate s

^ rtrUBttP Figures tased on prospectus or other n ffl dai estimates

for 1982 te Gres. T Flgutt assured- 2 DMdend total to date.

Far West Rand ralcrtpls,ue;T exrWns;a “

Wei * [13.4

g40 I 2.71 3. 0117 J.

* SX1 013%] Llj 72 ta

013% LI 72 Jure Hampton Tst So- 15% - —

16.9 0.9 40 Jtme ■ Ha* Par. S. S3- 59 24.6vQ10c

Ott Ute.IttlibTsUtofl 335 10(380

LO 13 19 September hwcsbnent Co. . 29 117 dL75

03 13 07 Feb SepL KakuzIkSA U 25J QllOc

April KellodiSp 18 152 0J9

3.93 fi 64 — r Do. Conv. Pri. 7;: 17 152 019

15 Aw. Mar.
52 November-
4.9 to fab

Mar.lKtetfc. Tartar ^i.l 110 [ ZLdlO.0

ZB 82 7.7 £eb
fi >104 fi

3.® 4.7 72 **»■
1*24 294 Apg.
2ffl 6«(68) gar-
51102 * Fea.
2^ L5BMJ FA
2S Lfi B50 Mw-
17)1101571 rfib

ilOp 19

AS. -

Oo.Defd 35 1 - I -

51 ,) 9 fat Jure
f-l 3 * 2 Ott Apr.
12 * Apr. Apg.
7". IT, Dec. Auo.

5!^! J*L_ Ok.

791a 38.4 1275 1 11] 4.9 to Dec. U«rtHltfgs.lflp a

58 7i 22 IS 50 - Lootofl lrw.5p. 17%

55 1U 25 5.1 65 Jtt Nw, Lon. MercbOT*, 51

9W 69 t65 I 111 60 - Oo.Defd 35

15% 33< <M5 13 7J Apr Oct lb^lta2D0U& £71

336 74 50 I Llj 53 Jane Feb M.&G. Grout.. Z72

198 276 92 I 13 64 November Majetfe ImTSte 58

232al 69 7.45 0.9^50 May Nov. State (2P)5p 33®

83 5-7 0J5 | 1H 50 Feb Aug. Mercantile House 395

Hlfclty » 9.12 12 18 64H70)

L3 | fi I 3.71 fi Mir.

384 0-85 12 7 J Apr Oct hTttfeTDOME £73% - 0?k% - iflia - £ Nw

74 50 LI 53 Jaw Feb M.&G. Grout..] 272 j 25.1 t!36 ZJN 12114 |_

270 92 12 64 ^Nowmber Majetfe InvilW H 1911 275 E3 TjJnii) j*

/j-iw to

95 266hl3J8 12J40 September Ihc. Cmi Mb !p_ £13% -H 0480 fi| fi • Ei
28 i? t06 D0| 31 April JtotTrw.Tfl.lp. 04% 2id Q420I id 30 l j to

talDfd™.
arlnv

60 42 20 —

MettcaFunMK. 170

113 19*1 44

Di 19 5JI Sept Mills &ABefl50p 485

IK Inc. EL 222 291

to. 207 3W

erTnet 80 i)

50 October

Nil.tlms.1%)
tectatoia I®

CftyiCnra. !nc._ 35% 2131 1299 lfl{220 "-

OaCjD.cn)— 266 - — Nw. Ma

City & For. Irw 70 25 — — — March Od

□ty of Oxford 112. 370 50 U 70 May

oise 50s- lg 28 6 55 10 69 -

xtn&M. 284 216 130 LQ 65 to D«

JfatnSQp 268 Hi 15 U 08 —

tore 125 268 60 LO 74 December

_ — May SepL Rarambe iop — life

10 62 May Nov. Park Place Inv. Ho

— — June Nov. Pearson (S) 4 Soa 263

11 120 SeUfltfljRlPrf- £32

19a|#220 23 60 93 **
lid nflJ5 1.0 8.9pSj|

69 +a7“* L3l 54 »3 „
1941 134 22j 5019.7 ■

3A 62 53 ft

MW S

O.F.S.

275 [

883 }
236

Finance

H n REGIONAL AND IRISH
« 7 | STOCKS

]L« 79 Tha fdDoNfbBb a satectkin of rcgtoml and Irish stoddytta tetter bdng
25 OS quoted in Irish currency.

i"t J ASsny lav. 2ty_4 42 — _ nMSM

17 cr Exta. ltoc 1983- ODD _ .

« NaL9V%B4/89_ OW. +J*

02% Fnvl3%97AC_ £84%+%

30 Alliance Gas 183

12 +1 Arnotz 229

*7 -3 Oroll(PJ0 76 —

780 Concrete Prods — feed ___

SSfflSa ^ ± .

% — U —

303 — T-M-C 6 +%

• 1 1 1 Uriktare 41

Is

1 ] Atocnylmt2Qp
t Bertrams
! -Ti Bdotartr. EsL
Atone

L i ESS

111 H towns Brew
Heft (Jos)
iJJJLStm.
Pearoe(C.HJ
. ben r
— Sbeff.

* StotaiKWtt)

OPTIONS

3-morrth Call Rates

S.E. £4%ac Ann- £76 29J[Q*U% - 56 —

Smith Bros. __ 42 168 10 — 34 _ ^

Talux SAII..__ 650 US Q24c fi 2.4 fi J*°-

IWCaapBTfihSty; 91 — 08 fi U fi ^

Westpoal Iibl_ 42 251 L26 fi 4.0 fi

fiSb(«

LEISURE

Off
Itay fat

65 .17 5.95 * 13

W ’53 16;#" 33 1
132 UJ 50 U 7.

66 170 U — 2

» » A 01 - 0

ff 911 1.9 - 2

49 BJ 131 U 9
39 - 2812 OA - 5
14% - „ - -

SI VS 325 30 9

IS* SJ +180 -23 9.
173 TU +U0 50 2

id m is u i

m £: E£;es£ 5 r:^S , 8 S-®= *•_'

j£t sS. Sfaa w»2ty 386 2U 3,75 2J 29232 ^ ,

• ft jSSepc!Z3 m 7i U i 14 5AU4 j

UMtotilSMrtPtL 160 3V 1345 36 122 — Ufy

3 , 1 ) _ July MeltewSsii .29% m 00 29 L922Z E?

U 74 S^Dfa 7t? 16 MM ^ _

74 120 _ MclAtnwylQs. 25 2Zi 109 JK 4J 12.9 27 a—.

20 ZT mr. 0 nw 6 j Z85 LB 3.4 234 ft:

S 3 c ^ ■■ B BSS: S 88 S U X
J 3 ** S. 3 SSS 3 Kft> « dIimi “hm

5i » TiiiSSfi

si; -S-reBsS jp* S 3 n t*

M 67 — PtMteetalftL 0% - - - - Nk

~BJ

KyttlcFBMsteQ
Aton»(liO

]du.(Cjd) 2 d___-

Tsl tnc.£l| 267

X as 1 * **

9VehrriMlmi5p 32
^orirereenlty. 30

Do. Cap. 509 — j
DomU«&G«L.I

Cattolty.) 72 1 17J| 25

OIL AND GAS

Zli Ort.
td 17 Hat

JaS Ffih-

^ Aug.
Mar.
Mar.

AK

Drayton Far {fast. 55

fttternresrafl. 13

Drayton Premier. 202

Duafvett ba 50p. 71

Do. Capital £1- 48T

DunSre&Lflo. — 206

BfltaurfaAaLTtt. 206

EdMM3rt> Inv— 72

EDITH—, 73

Etefa* Inv.Tst... 60

171 VS 7.9

5J —

20 Jenttay
66 —

124 09 32 1 -

202 1U 3071 11 74 —

71 2Bi 70S ID 140 „

487 - — July Dec.

206 214 44 SJ 5.4 „ —

206 13 005 LO U fay. tt .

72 175 218 U 43 to JUy

73 33.1 hia LO 40 —

60 21i 30 II 7.1 —

Affait Ul 1 H02JS [ Od U ft •

Res£5tre86 295 1 -1 - | -J - [ I Feb Aug

US | 741633

7J -

S fel I rJLS f 231 20129-7 ««■

_ _T1 _ Jfa
— — H21 A?*

ff. 21;

m t «My

TOO - — z Z _ sept tofclnrettn

45 2.9 LO fi 301 * SepL Mar.[V09ete2%c

MJ lltlU. L3 75jlil

28W 69 2023 zfiiaifa&r Diamond

71 154 54* * 113— Nov.

f* Z Z Z[Z to-

rn 3 W 80 26 97 40

£69% SJ QS%%iU0ld3f| — ft.

85 - — — — 1 — Nov.

I “ Ifatt. Land- —

! ir taCotaflles.
IT? Land Fees—
6% HEPC

IltdHtrWl Hnossof Fraser- 15 Otd.Drepery [7.

' ' 'AlHetMjrofB 8 I.C.I.— _ 24 Vkkm,^ 16

BOCld. 15 “Imre" 8 MWaorthu—J 5

2.9 BJ5.R. 8h 14-1 5%

52 Babcock W Ladbrtae 15 Praprriy

7.7 Barclays Bank— 42 UgNGGfa — MltaUaL llh

* 8evdrast ZL LnSendea M jtf

63 BtoeClrcteZZJ <8 Lloydi ItankZZ « &SZZ 3

at Boots..... — ...— .. M lofiT — 6% u£pc ______ jn

H BowamZZZs* Undna Brick — 7 EE S' »

B S “ aSriProps™ n ;

H Ki^zz: f i rDW ° sSS —

62 ^yZdl5 MM indBwk |P ^

61 CoOTnilW., IB NttWettEteta. 38 BrfcWWfeunJa

23 Shfah nw 7 P&O Dfd M farmbM M

83 Kstaert. 25 a Eft 1 "™ 1 6-

Duntep Sja Rmalbeei 35 K S A- 14

— Eaj tfStar }rf toJLttZZZ-Jfe

33 Dobentaw i l vtawyto m

35 32 Cbnierital 6

6%[tobaiEtea__ 35 KSA 14

_ ; B»a=iar i 31 fR-H-tt_ZZIi 6% gtmter 6

T» { F&FX. ZZj4 jfetaOra.CnL_ m Stab — |0

j-z ! e_ i-iArt : va li?»wi in«^ 26 Trtsnrrol 22

l 2 f T ~ , “ UrtmSrZZZjSBi

13

Diamond and Platinum

Angte4m.lnv0OcJ £50 1 17j 0700:[
De Been Of. 5c Zl 300 5J^+<i50cf

Do.40KPf.R5. 800 57^Q200c

C| iT.I

ITasso

® ’'ton EMI

lifaila Plat. 20a 29U i.«Q75c

MS Sfe

S * _ _*iteC8BS toues" mO Paso 20

Yhb senrte Is avaBrtrte fs enry Ctroipany rteaft In on
Fartim^s th ro u gh ou t the UnRed Wngdamferiftcof £6QQ

par UDon far ante security

Cranes and

FINANCIAL TI

of

Monday September 20 1982

. ■ .. ■ v ■ » ..• .5 — a«t ' . .

S . ; .■• - .a - . ^4 * •■* • .- -

! |®tG to introduce ‘equal rights’ clause in contracts

! ■ U.OYD, LABOUR EDITOR

I Tendon Council is balanced workforce, then we be drawn up. They will be 5 oik The Equal Opportunities compliance with an

r monitarin UP m *cWaery for will withdraw our contracts. 1 * based on the ethnic mix of the Co m minion and the Commission opportunities code among oom-
! emuf ■■*!- ap ° enforcing Details of the scheme have iraveMo-work area in which ‘he i:>r Racial Enuaiily sre about 10 panics receiving federal con?

THE LEX COLUMN

» &i
!*

« Cl

i Cflnaf w... 1 - cuuM ttllii ot trie micuie imve iv usra in w -.us

1 ^tmrb P1 rfHvS? t °PP ornin ities yet to be worked out but it supplier is based, the potential
i . * “J «VHH£pIm suppliers, is certain to include Lhe addi- for women workers io take

™ ai1 * -Il'ich has .been lion of a clause in contracts traditionally male jobs, and
the i ant * cleared by between the council and its sup- other factors.

'IftMPhfch ' ^*1 advisers, is pliers stipulating that companies Companies will be asked ro
^ugnt ny .the ruling labour must ensure their workers are use sections ot the Sex DLa-
first attempt ••balanced" according to sex crimination Act and the Race
. UK dUfhftrittr tn iica ^nrl m*a Dolr+inn? inr n 7 1 r»i«- rhiiw

first attempt *' balanced
i/awu^t .yK.authority to use and race,
uneconomic leverage in grant- Compani

balanced " according to sex crimination Act and the Race
id race. Relations Act which allow then

Companies will be obliged to to advertise vacancies cx-

V-ial publ.si*. colics cf practice which tracts, through the Office of
lake rhe suppliers' w:!l be encouraged Federal Contract Compliance.
and :.o raopt. jlr Carr said: “ A number of

• r.umh-r of la— e oamoanifu! authorities have had clauses on

b£ tail. SStgEtEJEZ*™*”

|L h Tnd ^ " We* do^nat^xpect* companies
*=“ ISb i"? social * ^ to elunse overnieht. I thtak we-;
. trseis compliance unit would be gtve t ^ m A t J?? a 5: ;

Hnt Tn T r^. in grant- uompames win oe oougea to to aaveruse vacancies ex- ™ 7,m cl

^°f^5 ac ^ s to push through produce data for the GLC on dusively in the ethnic press, to com Pliince mu t would be

sexual equality in its their employment mix which develop special training pro- sei }° County Hall, initially
workforces. will then be compared with the grames for _ women and _ for S2S ! S.* 5 ^?i5.iS r !S

11 9^* chairman. of “councils ideal balance. employees from the ethnic oSc - a ^ but capable of growing

comin itte fi , said While criteria for such stan- minorities, and to stop “word ^ the work increased.

ia our v 1 ew ' 3 darts are notoriously conirorer. of mouth” recruitment, which The inspiration foT the scheme
ni* tat < * oes have or does sial, Mr Carr and his colleagues perpetuates the existing sexual has come from the V-S. admini -

noc. tajte steps to obtain a believe guidelines fair to all can and racial mis of the workforce, srratioa's practice of enforcing

T jvm' pnrH EL jnH “We do not expect companies : ; m

GZc! Mr cfiTMw'that a con- to change overnight. I tijii* we- -v-'-

tracts compliance unit would be wou ^ S* 7 * .*® m a year at least. . ... . „•

set up in County Hall, initially But we e ? ect ,. 1 ? ea |L t0 Mrs .'niatcheris visit to C3tina,

employing some three or four chac f®., w thou ^ lt ttey to discuss the .crunch of .1987,
officials but capable of growing should. has provided London ~stoi&-

as the work increased. SDP seeks race rights at work, brokers with a golden oppor-”

rr n * ., 1ir , Page 5 tunity to present their mews of

nlc^r^ lT^S l^Z GLC IniuiUJ thl rf «riHcb«

srrariQo's pr^etto of enferema zones. Paee 7 52S- .

Government MiDLAND calls for loan guarantees scheme

t° press for Warning on companies’ debts

DRV n^dl jl

BY CHRIS CAMERON JONES

with nurses GOVERNMENT guarantees ministers through regular the limit of what it con

•* By John- Lloyd *

THE Government will continue
talks with the Royal College of
’Nursing this week in the hope
that it can conclude a separate
deal with the college and break
its united front with the health
unions affiliated to the TUC.

The Government is likely to
concentrate on the question of
increases during the second
year of the two-year pay deals
which were the basis of its
revised offer to all the health
unions last' week.

The college is understood to
prefer to negotiate on the
second of the two pay deals
proposed, which would put back
the settlement date for the
existing offer of 7.5 and 6 per
cent from April to June and
add a further 4 per cent from
next January. The Government
may be able to offer an in-

BY CHRIS CAMERON JONES

GOVERNMENT guarantees
of -loans .may be the only way.
to prevent a number of the
country's major companies
from heing overwhelmed by
debt, the Midland Bank has
warned.

The bank has 70 medium to
large companies under inten-
sive care, with debts totalling
in the region of £35 0m. For
■11 of these, affecting around
35,000 jobs, there appears to
he no prospeet of improve-
ment the bank says.

Though the Midlands has
made no direct representation
to the Government H has
made its feelings known to

has provided London -stodc- ; _ '■ *5 *■*'.

brokers with a golden oppor- V;'
tunity to present their mews of ’ •- V* ’ -
the Hong Kong property market wo ° ‘ •. ' . & A
Hoare Goyett '. produced p. . fl 1

weighty tome -on . the subject t ' no -

last week, and "Viclrers da Costa I

is poised to rush, its own study _ Voo - \ F— —
off the presses. . . * / "

The Hong Kong stock market ^°° ~

of which the property sector ■ j- l/Bfinj
represents about 40>er.cent T by • ; 800 »~tongS
market capitalisation, has been ■

the world’s most abysmal per- w'^-uuu

former for a year, leaving aside A ■ > . 1 1.
exotica like Mexico. The Hang
Seng Index, which touched a evidence that

Hong Kong

to* Wf» y

, suggests that investors are not
•-’sure if present-day manage-
■ menis : fcnow ' the rules; Gilt-
edged yields are down to 12
. per cent, but there are Vickers
, shares yielding 13 per cent,
John Brown — something of a
.. . special. . ease— offiering 19 per
cent, while Davy, once the
market's darling, has slumped
.friozh ' "the January rights price
i : of l40P to less than £1. AH of
these 'companies have had rights
'•. issues' in. the last year: in John
Brown’s, case, two in the last
. four years. '

.LTfiey. are also all suffering

ministers through regular
talks, with the Bank of
England.

It believes that something
similar to the small business
scheme, under which the
Government guarantees SO
per cent of loans, should be
considered as a way to avoid
a worsening of the situation.

Last month, the bank said
it was doubtful whether a sig-
nificant recovery in the
economy could be achieved
without the Government
taking a lead in reflationary
action.

A spokesman for the bank
said yesterday it had reached

the limit of what it could do
for many of Its troubled
customers. The bank has
already rearranged and re-
structured loans and deferred
payments on capital, requir-
ing only interest to be paid.

While the recent downward
trend In interest rates would
help, it would not remove the
problems these companies
face. Nor did placing com-
panies in receivership seem a
satisfactory solution, as the
number of buyers for busi-
ness were small.

When Midland recently an-
nounced its first half results
for this year it showed a 9

per cent pre tax decline to-
£95m, after provisions for bad
and doubtful debts worldwide
up at £75Jm, compared with
£2S.3m for the comparative
half year.

Barclays, which says it has
some 600 companies of various
sizes In intensive care, made
provisions at halftime of
£H5.4m against £59. 7m a year
earlier for had and dotibtf&l
debts at home and abroad.

At Lloyds the provisions
jumped from £242m to £62.1m
and at National "Westminster,
from £45m to £?8m. •
Economy poised to resume
recovery, Page 5

exotica like Mexico. The Hang Iroiu a'deterioratioii in markets

Seng Index, which touched a evidence that a measured since they offered new shares,
peak of 1,810 in -July last year, xecovmyin, lies- around " ^ Am f rj ‘- an ® ar '

is trading now at about 1,090. tbe _corner. Tim Hon g Fo ng process plant orders

Over the same period, accord- Government, which . acted' last” us^mamf

ing to Hoare G<&ett, property 7**-* -.deflate the property W' E

S*S. £* mart be

30 per cent or more in the - naie 1 progr a mme! tLS,

colony while the /collapse in now. . And while the. colony’s

land values has extended to 80. projected growth rate for 1982 gjgy '

per cent in some instances. The has. been pared®^ from.8 per 2?*°*^*^

book net worth of property' cent to aronnd 4 per-cent; this P 1 ^ 13 of lts

companies has consequently still leaves for iff- —

been stranded well above realls- cresnei^kl ‘ : F ^

SwriceMmf ^^1^ year, e^ou^h

cumEtm an avmnee of aboS ^ ** e ?! ct down ^ h^Hy uiriikely to be any-

BY PETER RIDDELL, POLITICAL EDITOR

‘iinhaiDor LIBERAL PARTY and Social discussion of the issue tomorrow if agreem?

.JLvf tS ^vine effect a two- Democratic Party leaders of the morning. this week,

vear 1 deal would have on the Alliance last night appeared to Leaders of both parties are tinue with

w£Jn«>i«»inn nf a new nay be nearing agreement on the keen to reach an early agree- a collapse.

Imnlamontitinn nf a new nay oe nearing agreeuieut on me Keen iu reacn au eariy agree-
1 ni-p ia whirh cnuld not aliotation ot parliamentary seats ment to ensure that arguments

aking a lead in rcflationaiy ness were smalL and at National Westminster, “ ™ lD a Present iev»u ui a pioyeg by roughly' 15 per cent cost earnings. -The company’s

Lction. When Midland recenUy an- from £45m to £78m. .. naif. ; ^ . and of choSng the^trehd it

A spokesman for the bank nounced its first half results Economy poised to resume towards 'home ownership! Tar- ^ ■viewing CCA profit and toss

— — — — — — — : — ; ; income grounds!*'' " "Hongkong residential maayt,- -g Hni^ oy^s distributable earn-

Land, the most ’ defensive P^c^are roce again bec om i ng lags, but: Vickers* dividend has
k !!• __ 1 _ *H _ A _~1 _ _ 1 stock in the sector, trades on a realistic while reits m been uncovered on this basis for

Alliance leaders near seats deal -

on three month.- depodts in the Ho are Govett argues, ta its inadequate <3CA returns tend to

' Hong Kong dollar inter-bank interesffiig-stadyv. that Jauhr , he reflected unmistakably in

D,TOR . market • ket has not yet recognised the shortage of eash 'flow, even

scussion of the issue tomorrow if agreement cannot be reached about changes in this distribu- This^ argument presupposes poteHtiM .'tor..a '"flubaf- boerfe wWiSf are light on aca-

ar ning . this week, the talks will con- tion is focused on between five that property demand will re- <tonoe in property and lapcfc desnic accountants realise they

Leaders of both parties are tinue without any suggestion of and 10 seats. .Among those turn in sufficient strength to vahiek hut that thefwesentuis- /canflothold thepjQWtt.

en to reach an earlv agree- a collapse. affected are Keighley, South allow au improvement in .count tofaaset Yaltie mfiyhe.exh ! To talto only major com-

if agreement cannot be reached about changes in this distribu-
this week, the talks will con- tion is focused on between five

!.i7ijjWiirp which could not aiincauon otparuaraemary seats mem xo ensure uiat arguments

n]aee before Anril between the two parties at lhe on the seats do not dominate
come into place oeiore /4pm

1984. Here, too. the Govern-
ment might prove flexible —

next general election.

ment to ensure that arguments SDP leaders are inclined to Worcestershire, . Hastings and aggregate dividend, p a y men t s, cessrve in the case oft a Jew panies, Metal Box, XJDS and now

on the seats do not do mina te make some concessions, while Finchley. Last year’s rise in interest defensive stocks, ’ enjoying a IMlj-have^i^Eently .cut their

the Assembly and weaken the being critical of the inability of A senior Liberal commented rates, coupled with the '-fall in high ievci- of xental income or {gvidends vrithin faith-keeping

A compromise looks likely, attempt to re-launch the Alii- the Liberal leadership, to bring at the weekend that whatever rental income, drove property strong bala nce-fle ets. . - The ' distance ■ : iff rights is
iierete" the SDP would give up ance at a time its opinion poll local parties into line. happened on a seats deal, some companies to issue . paper and speeola&on- ginmmnd«>g "Hmig AlthOu^i m the case of

Sblv offering a new struc- whereby the SDP would give up ance at a time its opinion poll
frnm vpar which about a half-dozen constituencies standing is low.

issues,
of the

tore from next year which about a half-dozen constituencies
would overlay the second year originally allocated to it but
of a two-year deal. which local Liberals refuse to World

anding is low.' The SDP has been worried by local activists were likely to be float.' off new .'Investment Kong's future -Is- lik^yto first two, ,m> current cost in-

In an Interview on the BBC's private survey evidence. This in an irritable mood because of. vehicles at an unprecedented, esirourage. market volatility, as ; formation was available at the

Weekend

The TUC-affiliated unions are surrender.

gramme. Mr David Steel, the Tor

showed that voters regard the the strains in the Altiance. After I rate.' Consequently, in the cur- the receot lahd sale to Bank of tune of the osoes, none of the

concerned that the college might The Liberal National Esecu- Liberal leader, appealed to the party

ries as by far the most united some complaints early in the rent year, the sector will need China demonstrated^ But no one. .three ha? since , produced cor-
ny. with the Alliance seen weels however, no major splits to servic e ^prefe rence stock and in Hong Kong, .heeds to be rent' cost tamings remotely

prTi ft arcem'a revised live Committee was meeting last SDP to shew magnanimity in as being almost as disunited are expected. equity of HK$5bn raised during taagbt the meaning of equity sufficient to - cover the

take away one of night in Bournemouth, ahead of handing over some seats in the as Labour. A Mori ' poll for tonight’s 1981. - risk. - ' ' . ^ abandoned levfel .of dividend,

tifeir best propaganda weapons, its annual Assembly this week, handful of key areas where The dispute over seats is con- Panorama programme shows ^Tew property comp azOes pay ... . .; , .« ' iMTs fadure ta Keep Faith is

r Rodn-V mckerstaffe the to consider a possible solution. Liberals had a grievance. fined to about two dozen out of Liberals are more reluctant than dividends, covered .by.’ net Keeping faith r ' ' ' .. particularly unfortunate since

General secretary of* the It was unclear whether a deal Both parties have been re- more than 600 allocated between SDP supporters to say they rental ^income. . vhile me m 16' new chairman i? also the

NaiioMl Utoon Of Public would be agreed in time for the hictant to set any deadline and, the parties. The bargaining would support a candidate of the development profits 'vrtuch merdiant bank

lact nlBht tiiat ■ other party. funded rising aay-outs jn the bemg a flexible place, always which arranged the offering of

Employees, said last night that : The poI , undertaken eariy lafe 3970s have larfely ready to adopt new working new sharea^ \.r

^n\\pJp V \et<. than its Members n +- a t t> -i I last week, shows Alliance evaporated. Moreover; thfi ptfl>- J»rectioes. . Bfft Q16 port iltrtyb ' 'Since nothing is sacred any

Continued from Page 1 support falling to 14 per cent, lished balance sheets of pro- goes-round the ttMe to '-the iam», inyestors should look

offer and so take away one of night in Bournemouth, ahead of nanaing over some seats in me as «aoour.
their best oropaganda weapons, its annual Assembly this week, handful of key areas where The disput
Mr Rodnev Bickerstaffe, the to consider a possible solution. Liberals had a grievance. fined to abou
general secretary of the It was unclear whether a deal Both parties have been re- more than 60
National Union Of Public would be agreed in time for the hictant to set any deadline and, the parties.
Employees, said last night that • 1 ;

the revised offer gave the

foSi'S ?wE Continued from Page 1

and thus could not be accept-
able to college negotiators.

Mr Bickerstaffe also warned
that he would call on the TUC

State enterprise plans

London Transport and metro- Other measures likely in rhe men? against ine use of Citizen's ^sfble prime minister, by a

dhf not P° litan authorities, setting out next session but not yet deSnite Band radio on the wrong fre- ^ of 2 to 1.'

other party. funded rising lyiy-ouis jn. the oemg • a ; nKxipie ptace,- aiwaj^ vnuai arranged the offering of

The poll, undertaken eariy late 3970s have ' .largely new ^working newshares.-

last week, shows Alliance evaporated. Moreover; the pub- precuces. . But the port- al Ways ‘Sfuee nofeing is sacred any

support falling to 14 per cent, lished balance 'sheets, of pro- goes— round the table to '-the mere,- investors should look
with the Conservatives at 47 perty companies do not always same direction, and somemther after their own interests by re-
percent and Labour at 37 . indicate the urgency of -retail** things -that do not - change It fusng to subscribe to— or under-

per cent ing funds, since the increasingly is not; done, .fer ' example, >o writer— issues' from companies

Mr Steel is also dearly common joint-venture develop- cut your ■ dividend soon after likely to have any trouble in
preferred to Mr Jenkins as a ments can be funded off-balance a rights issue; -you- should pay servicing the new equity. Per-

u n ' wprfnp«hv did not Poll*™ authorities, setting out next session but m
SgJ"®; he£t by ^Wnes on the extent to proposals include:

produce a change of heart by th ^ Government • New safetv «

a sheet through uncohsolidated up and Keep Faiths

thA TUC subsidy can be topped up by gas installations. This tie- :a
local rates. with proposals in the recent Oil

chairman and general secretary
of the Electrical and Plumbing

iininn iridpri hi«; voice intended in a«ur^uiu u um uic mie uhu»i uoci-iivn- •ipau «*i«» * ’r ”•••

f n ,oinr«m fnrWrines. dividuals' rights over medical, rooms and private competition, also be -statutoiy instruments
to catis l°r support i or weoiiev' C0mmerC i a i an( j other informa- • An extension of existing and orders amending planning

A -Data Protection Bill, and Gas Enterprise Act to Fer

safeguard

posals include: fluencies and the placing of

New safety regulations cn telegraph poles. It is not yet
installations. This tie- :n clear whether this will be in
h proposals in the recent Oil will he a separale Bill
l Gas Enterprise Act to per- the Telecommunications Bill or
mit the sale of British Gas show- Apart from bills, there will

consortia.

haps that is one reason why

The share price behaviour" of there are ao few rights issues

sti>ppage5 dem0aStrati ° n - 811 ti011 heId co m P ut e r 211(1 other

tartepMtiSdd ^SaFoHc e BUI. including pro-
^ P tX^he healtlT workera 2g- ^ **21^ “SR

tion held in computer and other legislation allowing council regulations

rds. tenants the right to boy their councils

A Police BUI, including pro- homes. Defence

Is for prosecution arrange- 9 Changes- in the law affecting :ns. pi

requiring

maintain

UK TODAY

CLOUDY, outbreaks of rain]
at first, brighter later.

There Is, however, some quite a few famous names at: the moment.

Thjsamota&tmMajmpte-wtib fa Tiqnhmt ^ Qf^Cotm&'ttfTlBlS toft ExrlitascinLandoiL.

:as. plus new immigration

regulations following the £ England, STV England,

cnnnnrt not onlv of the m Iicm uriuuuun 4UU -1...

inn mownont hut stop-and-search powers an stolen to establish independent Family usuai ar.au
soo* and offenrtve weapons and PracUtloncr Comm.tlMS. the Fiasac

Swn^the^fnture of the health for changes in police complaints Proposals are also being con- :ng public
SSL>^ f t procedures. sidered for the reform of the level of sot

Se s»ooOTt has also come- from • Action to widen the present Wireless and Telegraph Acts tiocs ar.d

w^^nvBatterslev the shadw for disqualification of to cover the buying and selling S?co:t?5n a

*7 SS of illicit equipment, enforce- le^lation.

member of Labour’s shadow

cabinet: -

nr'. Batters! ey said in his Continued from Page 1 • Continue

Birmingham Spaikbrook con-

sfituemy that the Day of Action T i

£r*2£?2S$ Bid to end wrangle Leb

Editorial comment. Page 18 . , 4 _ pressed

Coal stocks at over EEC budget gw,J

financial burden on Paris and hand back larger sums of mcrey withdrawal
TOI'nrH Ipvpl Rome. ’ ' in any future arrangement. Xcr ; After his

1CLUIU T i The comnlexities of EEC will they want to concede the he said th

• A Social Security BUI to tidy Nationality Act. | B ,_ t __ M ,

op existing regulation and z cticr. In addition, there will be the | laler * "

to establish icdejjendent Family usual annual legislation such as A,v * lo, * r
Practitioner Committees. the Finance Bill, laws authoris- j N Wales, NW, NE, Central

Proposals are also being con- :ng public spending and the j N England, Borders, 5W
sidered for the reform of the level of social security coni rib u- 1 Scotland, Edinburgh, Dundee,

and Telegraph Acts tions ar.d payments, as well as | Aberdeen and Argyll, N. Ireland
he bu>1cg'and selling Scottish and Northern Irish ! Outbreaks of rain, becoming
equipment, enforce- legislation. I brighter- with scattered

J Continued from Page 1

Lebanon

pressed strong reservations
: about President Reagan’s
. decision to send UJ5. marines to

showers. Max. 16C (6LF).
Rest of Scotland
Outbreaks of -rain, clearing.
Strong winds, gales in places.
Max. 14C 157F).

WORLDWIDE

Y'day .1 " Y'cf*y

midday I BxOday

*C a fi *C V

Prudential Overseas Fundiiig Gorporation N.Y.

■ ' (Ihcorporate£#ith HmUedOability in thzNcthetfands AndBes) .....

U.S. $150,000,000 12% pear cent Goanuiteed Notes due 1987

Lebanon to facilitate the PLO’s Ajacco s rs 79 f L A*3 t F is 68

financial burden on Paris and hand back larger sums of mcrey withdrawal. Airier* f 29 &iiui'*mbg. s 24 75

Rome. ’ • in any future arrangement. Xcr ; After his talk with Mr Shultz 5 S t ’5?

The complexities of EEC will they want to concede zhe he said that the “next step,” Ejhrain s 36 sti Majorca f za 82

budget rules also mean that three- or four-year agreement which the US. would “certahriy Bareioa. f 2a 62 1 Malaga f. s n

IpvPl 1 Rome. ’ m any future arrangement. Xcr After his talk with Mr Shultz 2.^,

I CvUl U 1C ▼ Ci The complexities of EEC will they want to concede '-he he said that the “ next step, " Bahrain

GOAL STOCKS are at a record budget rules also mean that three- or four-year agreement which the U5. would “cert a Inly Barcina.

level with 24m tocmes at pits Britain could in effect end up which London wants. support.” could be the redeploy-

and nearly the same tonnage contributing about 65m ecu The British, however, oeaeve ment of United Nations forces to Ec ^ ra

wth customers, mainly power- towards its own rebate. they can secure a two-year aen. replace Israeli units in and s«i.n

stations. Furt her stowage space ]y> p\m j S refusing to allow ^ ie {. r , strate S5’ emerged ;ast around Beirut. BmohS

wilT- be provided with com- this to happen. H^could find „ fmSa'jpn *« H ° h «° we J e ,K *****,,? suLil

^STBiS-SSrSSdta, Kfc.

X&Sj£'3tS;-££ KS s S d m «k« Sfe 5-J2?*j£«.2s sss.

prindpalAiid li^erestby .; .

Pradentiai Funding Corporation

: ■' (IncorporatedTiUh limited FfotuBiy ur_da? State of Nev Jersey)

■ asnb^diflfy of . 7'. V

Burnt — —iualli 3 29 »

Bnifjst C 12 IA ! M' chair C . 16 61

Solera. S 28 S2 L MalbM. • — ' —

3«lin S 26 79 ;m*. C.f — —

Biarfitz F 28 82 ' Miamit S SB 79

Bmghm. C ‘17 €3! M ian ■ S 25 Tt

Black pL C 15 59- Mount .t C 9 «

Ecsrix F 23 77 -Moscow SHU
Bculqn. S 22 72 [Munich S 25 -77

Bristol C 19 BlNinM . C 3* 75

Brussels S 26 79( Haptas S 27 81

of mare than 40,000 tonnes.

Mmm e machines , ant j Greece^ from rbeirfuIJ p3y- states 'transfer to Brussels. Th n Slate Department alw [ KiwV c ii 5* : p,Zi*. * 36

— . .mi faiiHr ments means that the total cost British officials believe this ; svd *^r-‘ r. partial Tsrnnli v.ifh- I ?? S S 28 79

WftTu OI IduilS of the May deal has risen to review could serve to justify drevra: from Beirut, which 7 ? ^ ^ s 27 si

• „ 1.457m ecu. This could, how- another short-term budget deal- . appeared lo be underA-nv. would | 'crane® s 77 si surbrq. 9 s 77

THE NATIONAL Coal soara ever, be financed out of a Britain's price for agreeing to not be u good enough " and that ! ^ rsnfcl! 1 s 23 T3,s-ciKot f 14 57

^*S? a w»£!E S 0 ?* 1 E UrpIu3 from the 1981 more “ own resouwes ” will be *r.r U.S. sti2 demnded the total 1 | £ 72! sinOS"

now warn when they need budget and an expected surplus some assurance of a permanent removal of a" Israeli forces. ( owt* s s 77 s"£oot — —

repaunug.. Two ™aa neaaezs this year of lJJbn ecu. change in its budget position <?o Vcmcrous politicians and ’ ^ ^ f ia 57:stckbm. s » m

and a fhee conveyor at Ireland Jf there is no agreement that-its net transfers to Brussels ' in the U.S : 5 2 BjStrashg. S as 79

Refunding the UK. refunding from value added tax. Customs post*:* for a new multinational I Ccio^na s U TS'Osio

West Germany and letting off duties, and import levies on « peavekerr.lng force and that the ; I 30 H

the poorer countries (Ireland farm produce— whidi member • id-?? was hein? examined. | oenwart c 11 Sa! pr^-u

o^cfta R 23 73
Oslo C n S3
Pans F 26 ' 79
P«rth S SI 70
Pra.'U9 S ‘SB 79

: bsift Wtt 100 per c?nt J- ' •

The following haveagreed to subscribe or jjrocurc sahyrihagfor the 'Notes:

Hambros BmlcIimHed ‘ ~ # ' •«'

CreditSHlsseFIrstBostoiiliriiited ,

- . • l S^monJBbrolbmiii^^

fe^HalseySteiut Shields fiicorp orated

Bank Brussel Lambert :N,V. . b &ebteche Bank Aktieng«»IIsciiaft

Goldman Sachs IntemationalCorp. Merrdl Lyn£h International & Co.

Morgan Guaranty Ltd . .- Motgato StiinleyLaternational

Swiss Bank Corporation Intmmdonal XJirio^Bank<)fSwitzeriand(Seciirities)

United -_.LtaiSBl • t -Jz ■-•••■

The Coundl of The Stock Exchange hi XondoiL has granted permission for the 30,000 Notes of
U.S. S5.000 each constituting tbcabovekme to be admitted to. the Official Llsr, subject ruihe issue of the
temporary global note, imerest is pmWe ^jmadiy^ Kffi CfcUihrf,tht fb» such payment being due cm
15th October. 1983. . -

Particulars of. Prudential Overseas Fop&ng Corporation . N.Y^ Prudential Fuadisg Corponujon, The
Prudeomd townmee Company of-AaBwjcaxnd -the Notcx; are- avafiabie from Exta S aastic al Serves

holidays excepted) up to aod Lnctafing 4AOcrober, 1^2 from tbcBrokers to thejssoe:- ‘

is year of ljjbn ecu. change is its budget position so ; Vcmcrous politicians and j ^reg w p ie STistckbtn. s is m

If there is no agreement that-its net transfers to Brussels co-nr^rti^ort; i n the U.S. I ggj. J £ * — —

UT ^ , _ .«. __ « «v UMU IW UW. W4**^v*0 sv *5*-. - , i i — . u ! »■ WI UK V.«7, if.;.;.],; n n VT Cm<natf _

vSn already gloomy are reduced to a negligee echoed ihe ,f outrode and mill- ! h kq^ s S »if f a 77;

fitted wito mnsaucers to neip outlook for the next round of amount : -:ot* ” a? the m-issacre oxnressed inn*b»v.. s M 7 s!t*i a«iv s a s

the machines tell a specially budget negotiations will bo -In the short-term, however. ; bv Persiden! Peapan. Then* Is i^E 55 c 11 5Z fST*' H * £ 5 S

p ^ a «S? i 3 r? U S?n t r C t?K! te$«ltavkeu«i. British efforts will focus on the \ alnvs* universal apreement that !«£& f 5 njivmt I “ S

when iiiey are gome to neeu Mr Pyms efforts to improve next budget rebate negotiations relation.* between the U.S. and J*r « ■, c is m!ti»«ms '

i.ir Um' tf*©" UK’s image iu the Com- which are scheduled to end in Israel are now at their lowest f !

The system, -developed by the rmrmty are lurtly an attempt to November. ebb ever. \ ,^ 8 ' 5 :

mSS Strengthen Britain’s bargaining There is. however. little fifth Mr Howard Baker said that locjoio s :

P 05 *? 00 ' ^ M c 3 y Wree- here that the deadline will be ; U.S. hnd never faced “ a more Lend* R

Dectoshire. IS ontrm latiseveu ment gave significantly less than met and every confidence that i difficult diplomatic situation” c-Ooody. I

25mi\ 'SrrSpr Govennne ^ wanted, the issue will figure prominer.tiy ! Than it does at present in main- »-juio.

t £ S? a ^ft fc J 7 r MlS?JS CCSter * 11 se ^ ms ' .® the ^ Com - at the EEC summit in Copes- lining ;is traditional alliance Si»—;

sfrire and the Northeast. m unity countries wiH refuse to hagen in early December. i with Israel. . na--

sudy. F — F»ir. Pg— Fog. H— Hall,
— R«iO. S— Sunny, SH-SlMt.

Sb— S now. T— Tlwodv.
t rtcon GMT twsporaiurot,

wst* vt/ v:

..*,4 Vi'-X

■' Reproduction of t^eonteou ot-tteio n g wiMflorta uyhnuiK h nobfl
Rrotawwd «t tbo Poor ofneo. Primtrf -Jr »- .#»*>!■*« ftwo ter
Bncku Moira*, Caanea 9m*. l^ndon E&*Tf«X.' • -T"/"

rconuanipfri^

-noMHu. unit inf, 1032.

3J.-.